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Oil Steadies Ahead of US Stockpile Data as Volatility Declines

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(Bloomberg) — Oil steadied ahead of the release of weekly inventory data from the US that may show another rise in nationwide crude inventories.

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Brent was little changed near $85 a barrel after a low-volume session due to a US holiday, while West Texas Intermediate was above $81. The US Energy Information Administration will release the snapshot later Thursday — one day after it’s usually scheduled — with an industry report signaling a gain.

In the absence of other drivers, futures have been tracking wider equity markets of late, and stock markets are finally losing some steam. Crude’s listless trading helped push implied volatility for Brent to a six-year low.

Oil remains on course for a monthly gain after OPEC+ extended supply cuts and said that any subsequent plan to return barrels would hinge on market conditions. Traders are also tracking the demand outlook, with refineries in Asia bringing back some capacity after maintenance despite poor refining margins.

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