Oil Gains as Industry Report Points to Big Drop in US Stockpiles

Bloomberg · last updated March 25, 2025 – 11:39 PM

Oil held steady as an industry report signaled a large decline in US crude stockpiles, while the market weighed the prospect of a Russia-Ukraine ceasefire in the Black Sea.

Brent traded above $73 a barrel after closing little changed on Tuesday, while West Texas Intermediate was near $69. US inventories fell by 4.6 million barrels last week, according to the American Petroleum Institute, which would be the biggest draw since November if confirmed by official data on Wednesday.

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