WASHINGTON (dpa-AFX) - Oil traded slightly higher on Thursday after ending lower in the overnight New York session on data showing an increase in U.S. fuel inventories.
Benchmark Brent crude futures edged up by 0.2 percent to $68.11 a barrel in European trade, while WTI crude futures were up 0.3 percent at $64.22.
Investors expect a positive impact on oil demand after the U.S. Federal Reserve cut interest rates for the first time since December and indicated more cuts would follow amid mounting signs of labor market weakness.
Geopolitical tensions remained in focus after Ukrainian drones struck the Gazprom Neftekhim Salavat refinery in the city of Salavat, Bashkortostan, hitting the facility's crude oil primary processing unit, according to Ukrainian sources.
Elsewhere, Australia has lowered the price cap on Russian oil and imposed targeted sanctions on another 95 vessels of Russia's 'shadow fleet'.
The measures were taken in conjunction with international partners, including the European Union, the United Kingdom, Canada, New Zealand, and Japan.
The vessels of the 'shadow fleet' are used to circumvent international sanctions and support Russia's war economy.
The European Union's new package of sanctions against Russia has been delayed, but it is promised to be presented by the beginning of next week.
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