Despite the Israel-Lebanon truce holding (for now), oil prices inched higher overnight after API reported a sizable crude draw and on speculation that OPEC+ will delay restoring output.

“On one hand, OPEC+ appears to be reluctant to unwind, given concerns over weak oil demand and market consensus that 2025 looks like a surplus year for oil balances,” Citigroup Inc. analysts including&nbsp;Eric Lee&nbsp;wrote in a note. “On the other hand, deeper cuts also seem unlikely, with prices still above $70 Brent, global observable oil inventories relatively low, and some geopolitical risk still in the market.”

The official data confirmed a drawdown in crude stocks and at the Cushing hub while Gasoline inventories rose the most since July...

Overall, including a 1.17mm barrel add to SPR, crude inventories declined 672k barrels - the most since the second week of October...

After last week' dip, US crude production ramped back up to record highs this week...

WTI dipped on the smaller than expected crude draw..

Price moves were exacerbated by thin pre-holiday trading, with open interest hovering near monthly lows.

...and the biggest gasoline build since July.
{ai:summary}Oil prices have risen slightly following a significant crude draw reported by API, amid speculation that OPEC+ may delay output restoration due to concerns over weak demand. Citigroup analysts note that while deeper cuts seem unlikely, market dynamics remain complex.Official data confirmed a drawdown in crude stocks and at the Cushing hub, with gasoline inventories rising significantly. U.S. crude production has reached record highs, but WTI prices dipped due to a smaller-than-expected crude draw amid thin pre-holiday trading. #economy

WTI Dips After Smaller Than Expected Crude Draw

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