Muscat: Oil held steady today, as traders are waiting for weekly US oil inventory data. Brent crude oil futures were up 23 cents, or 0.3%, at $69.03 a barrel. US West Texas Intermediate crude rose 23 cents, or 0.4%, to $64.19.
According to Oman News Agency, traders are waiting for the weekly US oil inventory data from the Energy Information Administration later today. The data is expected to provide insights into supply levels and help traders make informed decisions on potential price movements.
The anticipation of the inventory data release has kept the market relatively stable, as stakeholders are keen to understand the current supply-demand dynamics. The data could potentially influence future trading strategies and market sentiment, depending on whether it signals an increase or decrease in oil inventories.