According to the report from the U.S. Energy Information Administration (EIA), crude oil inventories in the United States dropped by 1.8 million barrels for the week ending November 22, surpassing market expectations of a 1.1 million-barrel decline, providing temporary support to WTI futures.
However, concerns over weak global demand and persistent abundant supply continue to dominate the outlook, leaving investors in a state of uncertainty about the future direction of oil prices.
The upcoming OPEC+ meeting will be crucial in determining the short-term direction of oil prices, with cartel members discussing the possibility of delaying a planned production increase.
The Canadian oil industry has expressed concerns about potential tariffs proposed by President-elect Trump, warning that these policies could increase energy costs for U.S. consumers.
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