Oil prices edged higher on Thursday, reversing a two-session pullback, after U.S. government data showed a steeper-than-anticipated drawdown in crude inventories, prompting renewed buying in futures. International benchmark Oil – Brent Crude futures rose around 0.4% to trade near $60.20 per barrel in early Asian hours, while U.S. benchmark Oil – US Crude (WTI) also advanced as traders weighed tightening U.S. stockpiles against ongoing political and supply-risk developments in Venezuela, which could influence medium-term export flows and OPEC+ supply dynamics.
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Over the past month, both benchmarks have remained under pressure despite the latest bounce, with Oil – US Crude down about 4.1% and Oil – Brent Crude lower by roughly 3.4%, reflecting ongoing concerns about global demand resilience and ample non-OPEC supply. From a short-term trading perspective, 1-day technical indicators currently point to a Sell signal for Oil – US Crude and a Sell signal for Oil – Brent Crude, suggesting that, despite the inventory-driven rebound, momentum and trend signals still lean bearish in the near term. Investors can explore more updates, prices, and analysis across global markets at Commodities.