Oil steady on Thursday

Oil steadied after four days of declines as traders assessed Middle East risks and weak China stimulus measures. Brent hovered above $74 a barrel, while West Texas Intermediate (WTI) neared $71. Earlier gains reversed after China’s housing policy briefing disappointed investors.

Geopolitical tensions, including US strikes in Yemen and Israeli air raids in Lebanon, were balanced by expectations of a surplus in 2024 due to rising non-OPEC output and sluggish demand growth. US crude stockpiles also fell by 1.6 million barrels last week, potentially the first drop in three weeks.

Attribution: Reuters

Subediting: M. S. Salama