Oil Prices Steady After Recent Gains, U.S. Crude Stockpiles Weigh on Market

Oil prices were little changed on Thursday, as a rise in U.S. crude inventories pressured the market after prices had climbed to a near one-week high in the previous session.

As of 09:16 GMT:

• Brent crude fell 15 cents to $75.89 per barrel.
• West Texas Intermediate (WTI) crude declined 34 cents to $71.91 per barrel.

U.S. Crude Stock Build Pressures Prices

According to market sources citing American Petroleum Institute (API) data, U.S. crude stockpiles rose by 3.34 million barrels last week, exceeding analyst expectations of a 2.2 million-barrel increase.

Ole Hansen, an analyst at Saxo Bank, noted that the stockpile buildup contributed to oil’s decline on Thursday.

Traders now await official inventory data from the U.S. Energy Information Administration (EIA), scheduled for release later in the day.

Supply Disruptions & Market Uncertainty

Russian Pipeline Exports Disrupted

• Caspian Pipeline Consortium (CPC) flows—a major route for Kazakhstan’s crude exports—were cut by 30%-40% on Tuesday after a Ukrainian drone attack on a Russian pumping station.
• A 30% reduction translates to a loss of 380,000 barrels per day in supply, based on Reuters calculations.

Uncertainty Over Iraq’s Oil Flows

• Turkey, which handles Iraqi Kurdistan’s crude exports through the Ceyhan port, said it had not yet received confirmation from Iraq about the resumption of exports.
• A restart could add 300,000 barrels per day of additional supply to global markets, according to ING analysts.

Impact of U.S. Tariffs on Oil Demand

• Import tariffs announced by President Donald Trump’s administration could weigh on oil prices by raising costs on consumer goods, potentially slowing global economic growth and reducing fuel demand.
• Additionally, weak demand from Europe and China continues to limit oil price gains.

With a combination of supply disruptions and concerns over demand, oil markets remain volatile, as traders assess geopolitical risks and economic trends shaping future price movements.