West Texas Intermediate futures for January delivery climbed to $43.14 ( 0.23%), while Brent crude is at $46.14 (-0.06%). Concerns over geopolitical tensions eased and investors turned their attention back to fundamentals including the persistent supply glut. The Energy Information Administration said U.S. crude stockpiles rose by 1 million barrels in the week ending November 20 versus a 1.2 million barrels increase expected by economists. The actual buildup was less than analysts had expected, but it still marked the ninth weekly gain. U.S. crude imports rose by 424,000 bpd.
A stronger-than-expected report on U.S. durable goods orders was welcomed by market participants giving WTI some advantage over Brent. Nevertheless trading is thin today due to Thanksgiving Day.