December 4, 2025
Despite supply concerns over attacks on Russian oil assets, crude oil prices edged higher on Thursday, clouding demand optimism after a sharp decline in US inventories.
International benchmark Brent crude was up 0.2% trading at $62.82 per barrel, against the previous close of $62.68. US benchmark West Texas Intermediate, WTI also appreciated with about 0.3% trading at $59.11, compared to $58.93 in the prior session.
The increments were driven by reports that Russia oil depots, a major supplier of oil in the global market, had been targeted, evoking concerns that the country’s crude production and export capacity could be affected.
READ MORE; U.S. Demand Optimism Triggers Crude Oil Prices.
Stalemate in the peace negotiations between Moscow and Kyiv also dampened the hope that Russian oil could return to global markets.
In a video posted on social media on Wednesday, Ukrainian President Volodymyr Zelenskyy said, that Ukraine’s interests must be taken into account to achieve an honorable and acceptable peace.
Zelenskyy, also referred to recent work on a US-backed peace plan to end the war, saying preparations were underway for new talks.
He noted that a US delegation discussed the plan with Russia in Moscow on Wednesday, stating that Ukraine’s negotiating team would travel to the US again and that preparations were underway for the meeting.
READ MORE; Ahead Of OPEC+ Decision, Oil Prices Steady On Weak Demand.
Meanwhile, data showing a rise in US commercial crude oil inventories capped further price gains. US commercial crude oil inventories increased by 0.1% during the week ending Nov. 28, according to data released by the Energy Information Administration (EIA) late Wednesday.
Inventories rose by around 600,000 barrels to 427.5 million barrels, exceeding the market prediction of a 1.9 million-barrel decline.
Over the same period, gasoline inventories rose by around 4.5 million barrels to 214.4 million barrels. The data weighed on prices by reinforcing perceptions of weak demand in the US, one of the world’s largest oil consumers.
