Oil Prices Inch Higher After Hitting One-Month Lows

Core Insights - Oil prices have slightly recovered after reaching one-month lows, with Brent crude at approximately $62.72 per barrel and West Texas Intermediate at $58.17, both showing a 0.38% increase [1] - The American Petroleum Institute reported a decrease in U.S. inventories by 1.9 million barrels for the week ending November 21, providing a positive signal for oil prices [2] - Market sentiment remains bearish due to a looming supply glut, despite potential upside risks from geopolitical tensions and supply disruptions [3] Market Dynamics - Traders are focused on the potential peace deal between Ukraine and Russia, which could impact oil supply and prices [1][3] - Expectations of a Federal Reserve rate cut may support oil prices by softening the U.S. dollar, which affects dollar-priced commodities [2] - OPEC+ production increases have contributed to the pressure on oil prices, while demand remains weak due to slow economic growth [3] Upcoming Events - The EIA inventory report is highly anticipated by traders, as it may provide further insights into inventory levels and market direction [4]