Oil stable after release of US inventory data

Oil drilling rigs

Oil prices held steady during trading today, Dec. 30, after rising by more than 2% in the previous session, following Russia's accusation that Ukraine targeted the residence of President Vladimir Putin, and investors' assessment of rising US oil inventories.

Brent crude futures for March 2026 delivery (the most active) were unchanged at $61.50 a barrel, while the February contract (expires today) held at $61.94 a barrel.

WTI crude futures for February 2026 delivery were at $58.09 per barrel, at 9:05 am Makkah time.

Analysts at IG Research expect US crude prices to trade in a range of $55 to $60 a barrel in the short term, amid US-led peace efforts and continuing concerns about oversupply on one hand, versus geopolitical tensions on the other, Reuters reported.

This comes after data from the US Energy Information Administration showed that US oil inventories rose by 400,000 barrels during the week ended Dec. 19, while expectations had indicated a decrease of two million barrels.