Oil prices experienced a slight decline as investors took the opportunity to realize profits following a rise to a seven-week peak in the previous session. This increase was driven by an unexpected decrease in U.S. weekly crude inventories and apprehensions regarding potential disruptions to supplies due to Ukraine’s assaults on Russia’s energy infrastructure.

Brent futures declined by 18 cents, or 0.26%, settling at $69.13 a barrel by 0013, whereas U.S. West Texas Intermediate crude futures fell by 20 cents, or 0.31%, to $64.79 a barrel. Both benchmarks experienced an increase of 2.5% in the prior session. Following a period of testing and a rebound from the lower end of its recent range earlier this week, crude oil has moved back towards the upper limit of that range. “With this in mind, we are likely seeing some light profit taking this morning,” stated Tony Sycamore. Prices received support following an unexpected decline in U.S. crude inventories, which decreased by 607,000 barrels in the week ending September 19, according to reports. The draw diverged from analysts’ forecasts, which anticipated a 235,000-barrel increase according to a report, and was less than the 3.8 million-barrel draw that market sources.

Oil prices experienced upward pressure due to supply concerns arising from the conflict in Ukraine involving Russia. Ukraine has intensified its drone assaults on Russian energy infrastructure in recent weeks, focusing on refineries and export terminals to diminish Moscow’s export revenues. Consequently, Russia is experiencing shortages of specific fuel grades, with potential export restrictions on fuel if necessary. Haitong Securities noted that, notwithstanding apprehensions regarding supply disruptions from Russia, a crucial element contributing to the resilience of oil prices has been the absence of substantial downward pressure stemming from supply-demand fundamentals in recent weeks. As the peak demand season comes to a close, the anticipated increase in oversupply pressures has not yet been mirrored in price movements.

A report on Wednesday indicated that year-to-date through September 23, global oil demand growth was recorded at 800,000 barrels per day, compared to an estimate of 830,000 bpd. The report indicated that global oil demand, on a month-to-date basis, has averaged 104.4 million barrels per day, consistent with the firm’s estimate for September.