US cash crude grades mixed as traders weigh Middle East supply risks
USO•US cash crude grades were mixed as traders weighed Middle East supply risks, while US crude inventories rose 4.7 million barrels to 414.4 million barrels. Brent futures settled up $3.06 at $95.82 a barrel and WTI futures rose $2.21 to $88.74.
1. Crude inventories rise
US crude inventories rose 4.7 million barrels to 414.4 million barrels in the week ended November 6, the Energy Information Administration said, compared with analysts’ expectations for a 1.1 million-barrel draw. Stocks at the Cushing, Oklahoma, delivery hub rose 106,000 barrels.
2. Supply risks in focus
Dealers said US crude grades were mixed as traders weighed Middle East supply risks after President Donald Trump said the US does not need a deal with Iran. Attacks on Saudi energy infrastructure escalated, while shipping disruptions through the Strait of Hormuz threatened global oil flows.
3. Futures settle higher
Brent January futures rose $3.06 to settle at $95.82 a barrel, while WTI December futures gained $2.21 to settle at $88.74. The administration was set to extend a waiver allowing some foreign-flagged ships to transport oil and other commodities between US ports, four industry sources said.
