Oil prices traded lower on Thursday as the glut narrative regained control despite ongoing geopolitical tensions.
Benchmark Brent crude futures dipped 0.6 percent to $64.87 a barrel after the International Energy Agency (IEA) said it expects global oil markets to remain well supplied in 2026. WTI crude futures were down 0.7 percent at $60.20.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a build of 3.04 million barrels in the week ending January 16, after a 5.3M barrels build in the previous week.
Gasoline inventories reportedly showed a build of 6.2M million during the period and Cushing inventories showed a build of 1.2M barrels, while distillate inventories showed a draw of 33K barrels.
The Energy Information Administration is scheduled to release its weekly U.S. petroleum supply report later in the day.
A stronger dollar also kept oil prices under pressure after U.S. President Donald Trump dropped planned tariffs on eight European countries and ruled out using force to take Greenland.
Oil Prices Edge Lower On Oversupply Worries
2026-01-22 09:47:40
