Oil Prices Remain Steady Despite Increase in US Stockpiles

Oil prices remained stable after a significant drop as US stockpiles surged to a 10-month high. Despite geopolitical tensions and US sanctions on Venezuelan oil, Brent traded above $87 while West Texas Intermediate hovered near $83. The market anticipates Israel’s response to Iran’s attack, with $5 to $10 premium per barrel. Crude remains higher in 2022 due to OPEC cuts and ongoing risks in the Middle East and Russia.

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