Brent crude oil futures held steady just below $82 per barrel on Thursday, following a 2.6% increase in the previous session, maintaining levels near six-month highs.
Brent Crude Steady Below $82 Amid Supply Concerns
This stability came amid rising concerns over global supply disruptions and a continued drop in US crude inventories. The International Energy Agency (IEA) forecasts a slightly tighter oil market in 2024, highlighting that new US sanctions on Russia and Iran could put further pressure on supply balances. Data from the US Energy Information Administration (EIA) revealed an eighth consecutive weekly decline in commercial crude inventories, now at their lowest level since April 2022, marking the longest streak of reductions since 2021 and placing inventories at a six-year seasonal low.
OPEC sees steady demand, Gaza ceasefire eases risks
Meanwhile, OPEC maintained its forecast for global oil demand growth of 1.43 million barrels per day in 2026, signaling steady demand growth through 2025. On a separate note, a ceasefire and hostage deal between Israel and Hamas on Wednesday ended the 15-month Gaza conflict, reducing regional supply risks.
