Oil Prices Hold Steady As US Stockpile Build Signals End Of Summer Demand

Oil prices largely remain unchanged in early Wednesday trade, stabilising after a drop in the previous session triggered by a rise in US crude inventories. Brent crude futures inched up by 3 cents to $66.15 a barrel at 0102 GMT, following a 0.8 per cent fall on Tuesday. Meanwhile, US West Texas Intermediate (WTI) crude slipped 3 cents to $63.14, after shedding 1.2 per cent in the prior session.

Industry data from the American Petroleum Institute (API) showed US crude stocks climbed by 1.52 million barrels last week. Gasoline inventories fell, while distillate stocks saw a modest increase. The built-in crude reserves signal that the peak summer driving season—typically running from late May’s Memorial Day holiday to early September’s Labor Day—is drawing to a close, according to a Reuters report.

OPEC and the EIA both issued market outlooks on Tuesday, forecasting higher global oil output in 2025, with US production expected to hit a record 13.41 million barrels per day due to improved well productivity. However, the EIA sees US output declining in 2026 as lower prices weigh on drilling activity, the report added.

Geopolitical Uncertainty Weighs On Sentiment

On the demand side, OPEC maintained its 2025 growth forecast but upgraded its 2026 oil demand estimate by 100,000 barrels per day to 1.38 million bpd. Geopolitical factors also remain in focus, with the White House downplaying expectations for a swift Russia–Ukraine ceasefire ahead of US President Donald Trump’s meeting with Russian President Vladimir Putin in Alaska on Friday.

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"Trump downplayed expectations of his meeting with President Putin ... However, expectations of additional sanctions on Russian crude continue to fall," ANZ senior commodity strategist Daniel Hynes wrote in a note, the report added.

The Indian stock market started Wednesday’s session on a strong footing, mirroring the upbeat trend in global markets. During the early trade, the BSE Sensex had climbed 281.52 points, or 0.35 per cent, to 80,517.11, while the NSE Nifty50 rose 96.65 points, or 0.39 per cent, to 24,584.05. 

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