RE: Now or never for Shell, Chevron or Exxon14 May 2025 07:59
Brent crude oil futures eased to around $66 per barrel on Wednesday, trimming a 2.6% gain from the previous session following an industry report indicating an unexpected rise in US crude stocks. API data showed inventories surged by 4.29 million barrels last week, the largest increase in six weeks, defying forecasts of a 2.4 million-barrel drop. However, gasoline inventories fell by 1.4 million barrels, while distillate stocks dropped by 3.7 million barrels. Despite the crude build, oil prices remained near a two-week high, supported by renewed sanctions threats against Iran and an improved global trade outlook. Additional backing came from the temporary US-China tariff reduction deal and a weaker US dollar, which makes dollar-denominated commodities more attractive. Markets are now focused on President Trump’s upcoming visit to the Middle East, timed with peak fuel demand, with oil price stability likely a key objective.