Oil prices edged higher on Thursday, reversing losses from the previous session, primarily supported by a bigger-than-expected draw in U.S. crude stockpiles and a strong rally across risk assets. Brent crude futures rose by 0.99% to settle at $64.14 a barrel, while U.S. West Texas Intermediate (WTI) crude futures climbed 1.08% to $60.08.
The price lift was driven by fresh data from the Energy Information Administration (EIA), which reported that U.S. crude inventories fell by 3.4 million barrels in the week ended November 14, significantly exceeding the analysts’ forecast of a 603,000-barrel draw. This drawdown reflects rising refining activity and strong export demand for U.S. crude, signaling healthy consumption in the world’s largest oil market.
Oil edges higher on inventory draw and equities rally https://t.co/WkvpA0udV6 https://t.co/WkvpA0udV6
— Reuters (@Reuters) November 20, 2025
Additionally, the broader financial market buoyed oil, with global stock markets rallying after AI chip giant Nvidia delivered strong, forecast-topping earnings. However, the gains were partially capped by renewed fears of market oversupply and the U.S. dollar hovering near a six-month high, which makes dollar-denominated oil more expensive for international buyers. Both benchmarks had previously fallen by around 2% after reports emerged that the U.S. was renewing efforts to draft a framework to end the Russia-Ukraine war, potentially leading to an increase in Russian supply hitting the market.
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