Oil futures gain as the EIA’s report of a 1.4 million barrel increase in U.S. crude oil stocks is offset by a bigger-than-expected 5.7 million drawdown in gasoline inventories.
U.S. inflation for February came in lower than expected, and OPEC kept its demand growth estimates for 2025 and 2026 unchanged at 1.45 million barrels a day and 1.43 million b/d, respectively.
Oil’s push toward the top of its recent $3 trading range despite stock market losses “is sending off some supportive vibes suggestive of further upside,” Ritterbusch says in a note. While the drop in oil prices since President Trump took office “looks successful thus far,” it has been for the wrong reasons “i.e., tariff-related expectations for global oil demand deterioration,” the firm adds.
WTI settles up 2.2% at $67.68 a barrel, and Brent rises 2% to $70.95 a barrel.
