Overview

• Brent hovered near $67.4 a barrel and WTI around $63.5, with both benchmarks still set for a second straight weekly gain.
• The EIA reported a 4 million-barrel rise in U.S. distillate inventories versus a 1 million-barrel build expected, while crude and gasoline stocks fell more than forecast.
• The Federal Reserve cut rates by 25 basis points and signaled further easing, a typically supportive move that has been overshadowed by weak demand signals.
• Ukraine struck two Russian refineries on Thursday as attacks intensified, with JPMorgan estimating Russian refining runs have fallen below 5 million barrels a day.
• President Trump said lower oil prices would help end the war and renewed pressure on buyers of Russian crude, as the IEA cautioned that a faster OPEC+ output reversal could create a surplus next year.