⁠US WTI crude fell by 53 cents, or 0.9%, to settle at US$57.42 a barrel. Crude inventories fell by 1.9 million barrels to 422.9 million barrels in the week ended December 26, the EIA said, compared with analysts' expectations in a Reuters poll ‍for an 867,000-barrel draw. US gasoline stocks rose by 5.8 million ⁠barrels in the week to ‍234.3 ​million barrels, the EIA said, compared with analysts' expectations for a 1.9 million-barrel build.​ Distillate stockpiles, including diesel and heating oil, rose by 5 million barrels to 123.7 million ⁠barrels, versus projections of a 2.2 million-barrel rise. The 12-day Iran-Israel conflict in June added ‍to the threats to supply by disrupting shipping in the Strait of Hormuz, a major route for global seaborne oil, which fanned oil prices. John Driscoll, managing director of consultancy JTD Energy, expects geopolitical risks to support oil prices even though market fundamentals point to oversupply.

Source: The Star January 01, 2026 09:07 UTC