Oil prices rebound as traders assess US inventory data and geopolitics

Oil prices recovered on Thursday after a sharp decline the previous day, with traders weighing official US inventory figures and ongoing geopolitical tensions, Report informs.

According to market data, January Brent futures on the ICE Futures exchange in London rose by $0.25 (0.39%) to $63.76 per barrel. December WTI futures on the NYMEX electronic trading platform increased by $0.22 (0.37%) to $59.66 per barrel.

Data from the US Department of Energy showed that commercial crude oil inventories for the week ending November 14 fell by 3.43 million barrels.

Gasoline stockpiles, however, unexpectedly climbed by 2.33 million barrels, and distillate inventories rose by 171,000 barrels-both increasing for the first time in more than a month. Stocks at the Cushing, Oklahoma storage hub, which

serves as the delivery point for NYMEX crude, declined by 698,000 barrels.