Oil steady after surprise rise in US gasoline stocks

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Oil steady after surprise rise in US gasoline stocks - Channel News Asia

Quick Summary:

:Oil prices were little changed on Wednesday, pressured by a large surprise build in U.S.gasoline stocks and worries about U.S.interest rate cuts next year, but prices drew support from concerns about supply eased after a ceasefire deal between Israel and Hezbollah.

"It is surprising to see gasoline inventories building so much and implied demand not really budging week-on-week, given expected record travel this Thanksgiving," said Matt Smith, an analyst at Kpler.

The heads of commodities research at Goldman Sachs and Morgan Stanley said oil prices are undervalued, citing a market deficit and risk to Iranian supply from possible sanctions when U.S.