DTN Oil Update
Oil Prices Steady, on Track for Third Weekly Loss
VIENNA (DTN) -- Oil prices steadied Friday, Oct. 17, morning and were on track to their third consecutive weekly decline as oversupply woes outweighed geopolitical risks. Commercial U.S. crude oil inventories expanding to a five-week high added to bearish sentiment.
The NYMEX WTI contract for November delivery rose $0.09 to $57.55 bbl, and ICE Brent for December delivery was up $0.06 to $61.12.
November RBOB gasoline futures advanced $0.0167 to $1.8284 gallon, while front-month ULSD futures slipped $0.0005 to $2.1530 gallon.
The U.S. Dollar Index edged higher by 0.098 points to 98.190 against a basket of foreign currencies.
The U.S. Energy Information Administration on Thursday reported the third consecutive weekly build in commercial crude oil inventories for the week ending Oct. 10. At 423.8 million bbl, they were at their highest since early September, up 3.2 million bbl, or 0.8%, year-on-year. Total crude oil inventories including stocks in the Strategic Petroleum Reserve jumped to a four-month high, up 3.4% year-on-year.
Gasoline inventories, meanwhile, declined by 300,000 bbl in the reviewed week, and distillate fuel oil stocks fell 4.5 million bbl, softening the blow of the reported crude oil build.
Oil futures have slumped about 9% so far this month as oversupply concerns took center stage. On Tuesday, Oct. 14, the International Energy Agency released its latest oil market forecast, calling for a record 4 million bpd crude overhang in 2026, fueled by OPEC+ production hikes, non-OPEC supply growth and sluggish demand.
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