Oil Prices Rebound on Shrinking US Crude Inventories

Oil prices broke out of a tight trading range they’ve been stuck in for months, as a breakout of a key technical level and shrinking U.S. crude inventories helped push prices higher.

West Texas Intermediate prices topped $73 a barrel after a four-day rally, sending futures to their highest in more than two months. Brent crude closed near $76 on Thursday. National crude inventories remain well below the seasonal average after falling for a sixth straight week.

Latest Oil Prices:

WTI Crude  $73.38  +0.34%

Brent Crude  $76.15  +0.29%

Murban Crude  $76.63  +0.42%

Natural Gas  $3.659  -0.03%

Louisiana Light  $74.74  +1.31%

Bonny Light  $78.62  -2.84%

Opec Basket  $74.59  +0.92%

Mars US  $73.93  -1.64%

Gasoline  $2.058  +0.30%

The rise of both benchmarks, WTI and Brent, above their 100-day moving averages helped spur algorithmic buying, helping oil break out of the $6-plus range it has been in since mid-October. Oil prices were also on track for a second weekly gain.

Kazakhstan is sticking to its plan to boost oil output next year, potentially creating more tension with its OPEC+ partners.

However, the outlook for 2025 remains uncertain, with a supply surplus expected, the possibility of OPEC+ production shutdowns resuming, and weak demand from the biggest importer, China.