Reported about 9 hours ago
Oil prices increased as the US reduced its global oversupply forecast, following similar adjustments by other organizations like the International Energy Agency. Brent crude approached $70 per barrel while West Texas Intermediate neared $67, with the Energy Information Administration citing less expected supply from Iran and Venezuela. The report also noted a rise in US commercial inventories, though a potential draw at Cushing, Oklahoma, could hint at supply tightening. Geopolitical tensions are also influencing the market, with Ukraine accepting a truce proposal and tensions in Yemen escalating.
Source: YAHOO