Oil prices remained stable on Thursday after reaching a near one-week high in the previous session, as a buildup in U.S. crude stockpiles weighed on the market.
Brent crude rose 27 cents to $76.31 per barrel by 1115 GMT, while U.S. West Texas Intermediate (WTI) gained 12 cents to $72.37.
Market sources, citing American Petroleum Institute data, reported that U.S. crude inventories increased by 3.34 million barrels last week. Official figures from the U.S. Energy Information Administration (EIA), expected later on Thursday, are projected to show a 2.2 million-barrel addition for the week ending February 14.
Global supply factors also influenced the market. Russia reported that Caspian Pipeline Consortium (CPC) oil flows, a key export route for Kazakh crude, were reduced by 30%-40% following a Ukrainian drone strike on a pumping station. A 30% cut is estimated to remove approximately 380,000 barrels per day from the market.
Meanwhile, the potential restart of oil exports from Iraq’s Kurdistan region has offset some supply concerns. Turkey, which manages the Ceyhan port handling Kurdistan’s oil exports, has not yet received confirmation from Iraq regarding the resumption of shipments. If restored, the pipeline could add 300,000 barrels per day to global supply.
Additional market pressures include trade policies announced by U.S. President Donald Trump’s administration, which could impact oil prices by raising costs on consumer goods and slowing economic growth. Proposed tariffs on imported vehicles are expected to affect global trade, adding to concerns over fuel demand. Weak demand in Europe and China has also kept oil price gains in check.
