WTI crude oil stabilized near $69.00 as traders balanced heightened geopolitical risks with an unexpected increase in U.S. crude stockpiles. The price steadied following tensions in the Middle East and persistent fears of supply disruptions, while domestic inventory data signaled a potential softening in demand.
U.S. crude stocks rose significantly, with government data revealing a build-up larger than market expectations. Despite this, supply concerns fueled by geopolitical events and OPEC’s cautious stance on output have provided underlying support for prices. The market remains wary, with investors eyeing potential impacts on global demand from the ongoing economic slowdown.
