LONDON: Oil prices slipped on Wednesday, under pressure from a rise in US crude and gasoline inventories although crude remained near three-year highs.
Brent futures eased 24 cents to $69.72 a barrel at 0930 GMT, after climbing above $70 this month for first time since 2014. US West Texas Intermediate (WTI) futures were unchanged at $64.47 a barrel.
The American Petroleum Institute said on Tuesday crude inventories rose by 4.8 million barrels in the latest week, compared with expectations for a decline of 1.6 million barrels. Gasoline inventories also rose.
Official US government inventory data is due out later on Wednesday and will watched to see if the numbers confirm a rise.
“The market has rallied by 50 percent and a lot of investors have been involved for a long time,” Saxo Bank senior manager Ole Hansen said.
“At what level would we start to attract some nervousness on the downside?” he said. “We probably need to break below $60 on WTI to put the cat among the pigeons ... It’s going to take more than just a stock-build today to change that equation.”
Money managers hold more bullish positions in crude futures and options than at any time on record, which has been encouraged by falling global inventories on the back of supply cuts by OPEC, Russia and its allies.
But some traders are showing signs of seeking protection against a fall in crude prices. Trading data shows open interest for Brent put options for a selling at $70, $69 and $68 per barrel has climbed since the middle of last week.
Sukrit Vijayakar energy consultancy Trifecta said the rising options to sell were a result of huge amounts of long positions that have been built up in past months.
“We still have ... nine long barrels for every short barrel, so a reversal should be interesting to watch,” he said.
But traders said oil prices were unlikely to fall far as markets were supported by strong global economic growth pushing up oil demand and output restraint by the Organization of the Petroleum Exporting Countries, Russia and others.
The deal to withhold output started in January last year and is currently set to last through 2018.
Oil prices ease as US crude inventories rise unexpectedly
Oil prices ease as US crude inventories rise unexpectedly
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
