November 20, 2025
US crude inventories fell more than expected, making oil prices to edged higher on Thursday, while diplomatic efforts to end the Russia-Ukraine war fuel volatility and raise concerns over a potential increase in global supply.
Brent crude rose by 0.06% trading at $63.19 per barrel, as against the previous close of $63.15. US benchmark West Texas Intermediate, WTI also surged by about 0.08% to $59.33, from the previous session of $59.28.
Data from the US Energy Information Administration (EIA), showed that commercial crude stocks fell by about 3.4 million barrels last week. Markets had expected a decrease of roughly 600,000 barrels.
READ MORE; Weak U.S. Demand Outlook Cause Oil Prices Decline.
The drop in inventories pointed to increased refinery activity and stronger export demand, while the build in gasoline stocks raised questions about domestic consumption.
Consequently, diplomatic efforts aimed at ending the Russia-Ukraine war also contributed to price volatility. Expectations that a potential end to the conflict could lead to the lifting of sanctions on Russian oil, bringing additional supply to the market, continue to exert downward pressure on prices.
According to EIA data, during the week ending Dec. 14, US crude oil production decreased by 28,000 barrels per day (bpd) to about 13.83 million bpd.
READ MORE; Decline In Oil Prices As Russian Shipments Boost Supply
US crude oil imports increased by 729,000 bpd to approximately 5.95 million bpd, while exports rose by around 1.34 million bpd to around 4.16 million bpd over the same period.
The November 12, EIA prediction was that crude oil output in the country would reach an average of 13.59 million bpd in 2025 in the Short-Term Energy Outlook.
