Global oil prices edge higher as geopolitical risks offset US inventory increase

Oil prices rose modestly on Thursday as geopolitical concerns over escalating tensions between Russia and Ukraine offset the effects of a larger-than-expected increase in US crude inventories. Brent crude futures were up 16 cents, or 0.2 percent, at $72.97 by 0408 GMT. . U.S. West Texas Intermediate crude futures were up 16 cents, or 0.23 percent, at $68.91.. Ukraine on Wednesday fired a volley of British Storm Shadow cruise missiles at Russia, the latest Western weapon it has been authorized to use against Russian targets, a day after. It launched US ATACMS missiles last week thanks to better travel demand in the US and India, and as industrial demand has also picked up significantly in the latter. Global oil demand is estimated to reach 103.6 million barrels per day (bpd) during the first 19 days of November.
. Analysts said in a note that the year-on-year increase was 1.7 million bpd. Crude output rose 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, beating expectations for a 138,000-barrel increase in analysts polled. Gasoline inventories rose more than forecast last week, while distillate stockpiles rose, Energy Information Administration data showed.OPEC+, which pumps half the world’s oil, initially planned to gradually reverse production cuts in 2024 and 2025 with modest increases spread over several months.However, the International Energy Agency (IEA) said in a report last week that if OPEC+ cuts persist, oil supply will exceed demand in 2025 as rising output from the United States and other external producers offset sluggish demand. Increase.