Oil looks to stabilize after bearish EIA data, Trump win

After a volatile session witnessed a day before, oil prices on both sides of the Atlantic took a breather almost through the Asian session, and now look to stabilize heading into Europe.

Oil awaits Nov 30 OPEC meeting for decisive direction

Currently, both crude benchmarks trade modestly flat, with Brent flirting with $ 46.50 while WTI wavers just ahead of $ 45 mark. Oil prices tread water in early Europe, now awaiting fresh cues from the European open for further momentum.

Oil prices remained under pressure almost throughout Wednesay, facing headwinds from a Trump victory, while rising crude inventories also added to the omnipresent supply glut worries and dampened the sentiment around the black gold.

The EIA report showed that the US crude stocks rose by 2.4 million barrels to 485 million barrels last week even though refineries hiked output and imports fell.

Although the commodity managed to recover ground towards the closing hours amid resurgence of risk-on moods following the US elections.

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