Oil Prices Steady Amid Inventory and Geopolitical Factors

Oil prices remained largely unchanged, with West Texas Intermediate (WTI) and Brent crude experiencing minor fluctuations due to increased U.S. crude inventories and geopolitical factors. U.S. crude stocks rose by 3.34 million barrels, exceeding expectations and putting downward pressure on prices, while hopes for a Russia-Ukraine peace deal also contributed to easing supply concerns. In contrast, an Arctic blast in the U.S. led to a significant rise in natural gas prices, with a 14% weekly jump. Supply disruptions in Kazakhstan due to a Ukraine drone attack and uncertainties about the resumption of oil flows from Iraq's Kurdistan region add to the complex market dynamics. Analysts are also cautious about potential impacts from U.S. import tariffs and global demand concerns, with the market lacking a clear direction. Official inventory data from the U.S. Energy Information Administration is anticipated to provide further insights.