Oil Prices Edge Higher Amid Supply Uncertainty
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West Texas Intermediate crude topped $73 a barrel, boosted by a weaker dollar that enhances the appeal of commodities denominated in the U.S. currency. Crude has gained this week amid concerns of supply tightness following reduced flows through a key Kazakh pipeline and OPEC+ deliberations over deferring a planned production increase.
Trading volatility has subsided after a turbulent start to the year. Prices have hovered within a narrow range this month as the market grapples with the implications of U.S. President Donald Trump's proposed policy changes.
"Prices will likely remain rangebound, continuing to move with headlines," noted Royal Bank of Canada analysts led by Brian Leisen. They added that "as more time passes without a substantial catalyst," traders will tend to adopt average price positions.
In the U.S., commercial oil inventories increased by 4.63 million barrels, extending the buildup for the fourth consecutive week and exceeding projections from industry experts and Bloomberg users. Gasoline inventories declined by 151,000 barrels, marking a one-month low.
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