Oil steadied, after retreating on Wednesday, as traders assessed tensions in the Middle East and the outlook for market balances heading into 2025.
West Texas Intermediate edged above $71 a barrel after shedding more than 1% on Wednesday, while Brent closed near $75. The midweek drop came after data showed that US crude inventories rose by more than 5 million barrels last week.
In the Middle East, US Secretary of State Antony Blinken held talks with Saudi Crown Prince Mohammed bin Salman in Riyadh on Wednesday about efforts to reach a cease-fire in Gaza and Lebanon. He had earlier traveled to Israel, which has vowed to strike back against Tehran for a missile attack earlier this month.
Content retrieved from: https://www.cnbctv18.com/market/oil-steadies-after-drop-with-supply-outlook-and-middle-east-in-focus-19498037.htm.
