Ice Brent crude futures fell slightly in early Asian trading today ahead of the weekly release of US crude inventory data.
At 04:00 GMT, the Ice front-month January Brent contract was at $64.65/bl, down by 24¢/bl from its settlement on 18 November, when the contract ended 69¢/bl higher.
The Nymex front-month December crude contract was at $60.53/bl, down by 21¢/bl from its settlement on 18 November, when the contract ended 83¢/bl higher.
The market is waiting for the latest update on US crude stocks, which the Energy Information Administration (EIA) is scheduled to release later today. The EIA reported last week that crude inventories in the week ended 7 November rose by 6.4mn bl to 427.6mn bl, as output hit a new high and exports sank to a two-month low.
Crude inventories fell last week in Cushing, Oklahoma, while cumulative stocks at key Texas terminals also declined, according to oil analytics firm AlphaBBL.
Attention was otherwise focused on geopolitical developments. Saudi Crown Prince Mohammad bin Salman on 18 November expressed support for President Donald Trump's outreach to Tehran and offered Riyadh's help in facilitating US-Iranian diplomacy.
Venezuela president Nicolas Maduro has reciprocated Trump's openness to talks between the two governments as Caracas faces a large US military presence in the Caribbean.
Meanwhile, some countries are still "very reluctant" to accept including a roadmap to transition away from fossil fuels in the UN Cop 30 climate summit's final documents, the event presidency said.
A roadmap to phase down fossil fuels has become a key issue at Cop 30. An initial draft about issues not on the main agenda published by the presidency on the morning of 18 November mentioned it, but over 80 countries asked the presidency to put it on formal negotiating tables.
Ice Brent crude futures fell slightly in early Asian trading today ahead of the weekly release of US crude inventory data.
At 04:00 GMT, the Ice front-month January Brent contract was at $64.65/bl, down by 24¢/bl from its settlement on 18 November, when the contract ended 69¢/bl higher.
The Nymex front-month December crude contract was at $60.53/bl, down by 21¢/bl from its settlement on 18 November, when the contract ended 83¢/bl higher.
The market is waiting for the latest update on US crude stocks, which the Energy Information Administration (EIA) is scheduled to release later today. The EIA reported last week that crude inventories in the week ended 7 November rose by 6.4mn bl to 427.6mn bl, as output hit a new high and exports sank to a two-month low.
Crude inventories fell last week in Cushing, Oklahoma, while cumulative stocks at key Texas terminals also declined, according to oil analytics firm AlphaBBL.
Attention was otherwise focused on geopolitical developments. Saudi Crown Prince Mohammad bin Salman on 18 November expressed support for President Donald Trump's outreach to Tehran and offered Riyadh's help in facilitating US-Iranian diplomacy.
Venezuela president Nicolas Maduro has reciprocated Trump's openness to talks between the two governments as Caracas faces a large US military presence in the Caribbean.
Meanwhile, some countries are still "very reluctant" to accept including a roadmap to transition away from fossil fuels in the UN Cop 30 climate summit's final documents, the event presidency said.
A roadmap to phase down fossil fuels has become a key issue at Cop 30. An initial draft about issues not on the main agenda published by the presidency on the morning of 18 November mentioned it, but over 80 countries asked the presidency to put it on formal negotiating tables.
By Fabian Ng