Crude oil prices climbed above $70 per barrel, reflecting heightened market activity as traders prepare for the American Petroleum Institute’s (API) latest inventory report. The move marks a significant rebound in prices, driven by expectations of tighter supplies and potential geopolitical uncertainties influencing global demand.
The upcoming API report, expected just ahead of the Christmas holiday, is fueling speculation on the state of U.S. crude stockpiles. Analysts anticipate a drawdown in inventories, which could further bolster prices in an already volatile market. The holiday season’s reduced trading volume adds another layer of unpredictability, with many market participants adjusting positions in light of the year-end dynamics.
