Oil held above $72, extending gains amid supply uncertainty and a weaker dollar.Prices rose for a third session on concerns over a disrupted Kazakh pipeline and a possible OPEC+ delay in output hikes.WTI futures faced late pressure as investors exited positions ahead of contract expiry, with the prompt spread nearing contango.
Oil prices remain rangebound as markets adjust to Trump’s policy shifts.“Prices will likely stay within a range, moving with headlines,” RBC analysts noted, adding that traders gravitate toward averages without a major catalyst.
In the US, government data showed a 4.63 million-barrel rise in oil inventories last week, the fourth consecutive increase and larger than expected.
Gasoline futures rose after the report, as refiners shifted output toward diesel due to increased demand from cold weather in the US. Most-active futures gained up to 0.9%, reversing earlier losses.
