Commonground
Senior Moderator
August 7, 2024
WTI crude oil futures rose above $75 per barrel on Wednesday, continuing their upward trend after the EIA report showed a larger-than-expected drop in US crude oil inventories. Crude stocks fell for the sixth week, declining by 3.728 million barrels, much more than the anticipated 0.4 million barrel decrease. However, gasoline and distillate stockpiles increased during this period. Rising oil prices are also being driven by supply-side concerns. Tensions are escalating in the Middle East, with reports of Hamas appointing a new leader, Yahya Sinwar, potentially heightening conflict with Israel and threatening regional oil supplies. Additionally, Libya's largest oil field, Sharara, has announced a reduction in production due to protests and security issues.
https://tradingeconomics.com/commodity/crude-oil
WTI crude oil futures rose above $75 per barrel on Wednesday, continuing their upward trend after the EIA report showed a larger-than-expected drop in US crude oil inventories. Crude stocks fell for the sixth week, declining by 3.728 million barrels, much more than the anticipated 0.4 million barrel decrease. However, gasoline and distillate stockpiles increased during this period. Rising oil prices are also being driven by supply-side concerns. Tensions are escalating in the Middle East, with reports of Hamas appointing a new leader, Yahya Sinwar, potentially heightening conflict with Israel and threatening regional oil supplies. Additionally, Libya's largest oil field, Sharara, has announced a reduction in production due to protests and security issues.
https://tradingeconomics.com/commodity/crude-oil