Oil prices little changed as ceasefire holds and US crude stocks fall

Oil was little changed at the open after a volatile Tuesday, with U.S. crude inventories falling for a third straight week. The shaky Middle East ceasefire remaining in place is keeping a geopolitical risk premium in focus, but the immediate price reaction is muted. Overall, the setup is supportive for crude, though the move described is small and not yet market-disruptive.

Analysis

Oil was little changed at the open after a volatile Tuesday, with U.S. crude inventories falling for a third straight week. The shaky Middle East ceasefire remaining in place is keeping a geopolitical risk premium in focus, but the immediate price reaction is muted. Overall, the setup is supportive for crude, though the move described is small and not yet market-disruptive.