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Oil prices slipped slightly in Asian trade on Thursday, consolidating after a strong rally in the previous session, as traders weighed tighter U.S. supply signals against persistent geopolitical tensions surrounding Russia.
At 01:23 GMT, Brent crude futures for November delivery fell 0.3% to $69.09 per barrel, while West Texas Intermediate (WTI) crude slipped 0.4% to $64.72 per barrel. Both benchmarks had surged more than 2% on Wednesday, reaching their highest levels in seven weeks.
U.S. Crude Stockpiles Show Surprise Draw
Data from the U.S. Energy Information Administration (EIA) showed crude inventories unexpectedly fell by 607,000 barrels in the week to September 19, compared to market forecasts of a build of about 800,000 barrels.
- Gasoline stocks dropped 1.1 million barrels to 216.6 million.
- Distillate inventories — which include diesel and heating oil — fell 1.7 million barrels to 123 million.
The draw reflected stronger refinery runs and slightly firmer demand for fuel products, easing some concerns over weak consumption.
Geopolitical Premium Keeps Oil Supported
Markets also kept a risk premium on prices amid rising geopolitical tensions. At the United Nations General Assembly, U.S. President Donald Trump warned European nations against buying Russian oil and suggested Washington was considering new sanctions aimed at restricting Russia’s energy flows.
Although no immediate actions were announced, the hawkish rhetoric increased fears of supply disruptions. This comes as Ukrainian drone strikes on Russian refineries and export terminals have already raised doubts about Moscow’s ability to sustain stable flows, tightening global supply margins.
