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Oil steady as market awaits more supply clarity

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Oil edges up as U.S. crude inventories rise less than expected

Brent crude futures dipped 4 cents, or 0.1%, to $86.08 per barrel by 0400 GMT, while U.S. West Texas Intermediate crude futures rose 18 cents, or 0.2%, to $80.33.

"The upcoming EU embargo on Russian refined products remains a major source of concern for the market, with widespread dislocations expected to materialize," the Citi analysts added. Crude inventories edged higher by 533,000 barrels to 448.5 million barrels in the week ending Jan. 20, the Energy Information Administration said.for a 1 million barrel rise, though crude stocks are at their highest since June 2021, the EIA said.

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America's strategic oil reserves (450 million barrels) It reached the level of 50% of China's oil reserve

Makes sense, doesn’t it.

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