Oil futures settled near their lowest levels since June 2023 on Thursday, as a US report published yesterday indicated a decline in US crude oil inventories, with the market breathing a sigh of relief following the sharp decline this week.
Brent crude, the global benchmark for oil, was trading below $73 a barrel after falling about 8% since the beginning of the week, Bloomberg reported. West Texas Intermediate crude, the US benchmark for oil, was trading at $69 a barrel.
The U.S. Energy Information Administration is scheduled to release weekly inventory data later today.
By 12:30 p.m. Singapore time, Brent crude for November delivery was up 0.3 percent at $72.94 a barrel. West Texas Intermediate crude for October delivery was up 0.3 percent at $69.44 a barrel.
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