Oil settles as Brent volatility drops to multi-year low

(Bloomberg) — Oil was little changed after a light-volume session during a U.S. holiday, with a gauge of volatility falling to a multi-year low.

West Texas Intermediate was near $81 a barrel in early Asian trade, while Brent closed just above $85 on Wednesday. Crude has trailed stocks in recent sessions, with stock markets finally losing some momentum. Oil prices haven’t moved much lately, causing some volatility for Brent to hit a six-year low.

Crude remains on course for a monthly gain after OPEC+ extended supply cuts and said any further plans to return barrels would depend on market conditions. Traders are also eyeing the demand outlook, with Asian refiners bringing back some capacity after maintenance despite weak refining margins.

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