Oil Prices Rise Following Decrease in US Crude Stockpiles
Thursday, 8 August 2024, 00:49
Oil Prices Edge Higher on Inventory Drop
Oil prices showed an upward trend on Thursday for the third straight session, primarily due to a significant reduction in U.S. crude inventories.
Current Price Movements
- Brent crude futures gained 23 cents or 0.3%, reaching $78.56 a barrel.
- U.S. West Texas Intermediate crude increased by 29 cents or 0.4%, now standing at $75.52.
Recent Inventory Data
The U.S. experienced a continuous decline in crude inventories, as reported by government data, with a draw of 3.7 million barrels to a total of 429.3 million barrels
Market Expectations
- Analysts had anticipated a draw of only 700,000 barrels.
- This sharp inventory decline may indicate a tighter supply in the market.
- Consequently, further price increases may be on the horizon.
These developments suggest a robust response in the market and highlight the ongoing fluctuations in oil prices driven by inventory changes.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.