Oil pulls back from 7-week high as traders ponder supply-demand uncertainty

Oil prices eased in Asian trade on Thursday, retreating from a seven-week high reached in the prior session as some investors took money off the table due to uncertainty around the supply-demand outlook. Brent futures slipped 26 cents, or 0.4%, to $69.05 a barrel by 0350 GMT, while US West Texas Intermediate (WTI) crude futures fell 27 cents, or 0.4%, to $64.72 a barrel. Both benchmarks gained 2.5% on Wednesday to their highest levels since August 1, driven by a surprise drop in US weekly crude inventories and concerns Ukraine’s attacks on Russia’s energy infrastructure could disrupt supplies. “Oil looks to be hitting a ceiling, with softer (seasonal) demand and rising OPEC+ supplies into Q4. Recent gains feel more sentiment-driven than fundamental, so unless a new shock emerges, Brent is likely to consolidate with a slight downside bias,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.