(Bloomberg) -- Oil steadied after the biggest advance in more than two weeks as OPEC+ made progress toward a deal to delay further the restoration of shuttered supply, and the US imposed more sanctions on Iranian crude.
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West Texas Intermediate traded near $70 a barrel after a 2.7% jump on Tuesday, while Brent closed below $74. The producer group is edging closer to an agreement to push back a plan to revive output by a further three months, delegates said. Meanwhile, the US sanctioned 35 entities and ships that it said played a critical role in the transport of Iranian oil.
Crude remains caught in a tight range, trading within a roughly $6 band since the middle of October, buffeted by competing drivers including the imminent Donald Trump presidency, geopolitical tensions in the Middle East and Ukraine, and a lackluster demand outlook from top importer China. With widespread concern the global market faces a glut next year, OPEC+ members will meet on Thursday to review supply policy for 2025.
“Even with the prospect of lower Iranian oil exports, OPEC+ will likely face an uphill battle to justify adding back any supply,” said Vivek Dhar, an analyst at Commonwealth Bank of Australia. The main issue is the rise in non‑OPEC supply in 2025 is expected to eclipse growth in global demand, he said.
In the US, the American Petroleum Institute reported nationwide crude stockpiles rose by 1.2 million barrels last week, with large builds also seen in inventories of gasoline and distillates, a category that includes diesel.
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