Oil Holds Drop With US Stockpile Climb and Geopolitics in Focus

(Bloomberg) — Oil held a decline as an industry report pointed to a build in US crude stockpiles, while geopolitical concerns continued to fester.

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West Texas Intermediate traded below $67 a barrel after a 1% drop on Wednesday, with Brent crude closing near $71 on Tuesday. The American Petroleum Institute said nationwide inventories rose by 4.6 million barrels last week, although a draw was seen at the key storage hub in Cushing, Oklahoma.

Geopolitical concerns over Russia and Iran remained in focus. US President Donald Trump pressed Iran to rein in the Houthis, viewing attacks from the Yemeni militant group as if Tehran were directly responsible. Trump also concluded a call with Russian counterpart Vladimir Putin that focused on the war in Ukraine, he told Fox News.

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