Oil futures settle higher in a day of ups and downs. The EIA reported an unexpected weekly crude stock draw, with lower imports offsetting an increase in U.S. production.
News that Israel killed Hamas leader Yahya Sinwar prompted some selling, although “Israeli Prime Minister Netanyahu threw some cold water on the sense of optimism by declaring Sinwar’s death does not mean the war is over,” Mizuho’s Robert Yawger says in a note.
Record U.S. oil production of 13.5 million b/d, likely “raised some eyebrows at OPEC+,” as the group plans to start unwinding 2.2 million b/d of oil starting in December, Yawger adds.
WTI settles up 0.4% at $70.67 a barrel, and Brent rise 0.3% to $74.45 a barrel.