Benghazi – Oil prices recorded a slight increase. This occurred on Thursday. It followed two consecutive days of decline. Prices were supported by a larger-than-expected drop in US crude inventories. This provided price support. It also encouraged investors to buy futures contracts. Investors are still awaiting developments in Venezuela.
Brent crude futures rose by 38 cents. This was a 0.6% increase. They reached $60.34 per barrel. US West Texas Intermediate crude climbed 37 cents. This represented a 0.7% gain. It reached $56.36 per barrel.
Both benchmark crudes had fallen by more than 1%. This occurred during Wednesday’s session. Traders anticipated an abundance of global oil supply. This surplus is expected throughout the current year.
Analysts at Morgan Stanley estimate a supply surplus. This surplus could reach three million barrels per day. This is projected for the first half of 2026.
In related news, the US Energy Information Administration announced. US crude inventories fell by 3.8 million barrels. They reached 419.1 million barrels. This was for the week ending January 2. This figure defied analysts’ expectations.