Brent crude futures rose 38 cents, or 0.5%, to $78.97 a barrel by 0013 GMT, while U.S. West Texas Intermediate crude climbed 41 cents, or 0.6%. , at $73.72. Both contracts gained slightly on Monday.
U.S. domestic production will not surpass the December 2023 record of more than 13.3 million barrels per day through February 2025, the U.S. Energy Information Administration (EIA) said Tuesday in its short-term energy outlook. term.
The EIA also reduced its forecast for growth in domestic oil production in 2024 from 120,000 barrels per day (bpd) to 170,000 bpd, significantly less than the increase in production in the last year of 1.02 million b/d.
U.S. government data on oil inventories will be released later on Wednesday. U.S. crude inventories are expected to have risen by 1.9 million barrels last week as production recovered from a bitter freeze and refiners began maintenance.[EIA/S]
Meanwhile, US, Qatari and Egyptian mediators prepared a diplomatic initiative to iron out differences between Israel and Hamas over a ceasefire plan for Gaza after the Palestinian group responded to a proposed extended pause in the fighting and the release of hostages. Traders are closely following the situation in the Middle East, particularly attacks on ships by Iran-backed Houthi rebels in the crucial Red Sea, which have disrupted traffic through the Suez Canal, the maritime route the fastest between Asia and Europe and which sees almost 12% of global oil trade.
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