Oil Prices Steady, on Track for Third Weekly Loss


   
Karim Bastati
DTN Analyst

   VIENNA (DTN) -- Oil prices steadied Friday (10/17) morning and were on track 
to their third consecutive weekly decline as oversupply woes outweighed 
geopolitical risks. Commercial U.S. crude oil inventories expanding to a 
five-week high added to bearish sentiment.

   The NYMEX WTI contract for November delivery rose $0.09 to $57.55 bbl, and 
ICE Brent for December delivery was up $0.06 to $61.12.

   November RBOB gasoline futures advanced $0.0167 to $1.8284 gallon, while 
front-month ULSD futures slipped $0.0005 to $2.1530 gallon.

   The U.S. Dollar Index edged higher by 0.098 points to 98.190 against a 
basket of foreign currencies.

   The U.S. Energy Information Administration on Thursday reported the third 
consecutive weekly build in commercial crude oil inventories for the week 
ending October 10. At 423.8 million bbl, they were at their highest since early 
September, up 3.2 million bbl, or 0.8%, year-on-year. Total crude oil 
inventories including stocks in the Strategic Petroleum Reserve jumped to a 
four-month high, up 3.4% year-on-year.

   Gasoline inventories, meanwhile, declined by 300,000 bbl in the reviewed 
week, and distillate fuel oil stocks fell 4.5 million bbl, softening the blow 
of the reported crude oil build.

   Oil futures have slumped about 9% so far this month as oversupply concerns 
took center stage. On Tuesday (10/14), the International Energy Agency released 
its latest oil market forecast, calling for a record 4 million bpd crude 
overhang in 2026, fueled by OPEC+ production hikes, non-OPEC supply growth and 
sluggish demand.




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