The stability of oil prices today, Thursday, amid a decline in US crude stocks
International oil prices today.. Oil prices witnessed a slight change that led to their stability during Thursday’s trading, amid a state of caution on the part of investors after data showed that crude oil inventories in the United States decreased less than expected, according to .
Crude oil prices today
- Brent crude futures for September were up 6 cents, or 0.1%, at $79.52 a barrel by 0645 GMT.
- US West Texas Intermediate crude for August rose five cents, or 0.1%, to $75.40 a barrel.
- The August WTI contract expires on Thursday.
- As for the same crude contract for September, it increased six cents, or 0.1%, to $75.35.
Amid cautious expectations for demand, global oil prices stabilized Thursday, and US crude inventories declined
“After some heavy selling pressure overnight, oil prices are trying to stabilize this morning,” confirmed Yip Jun Rong, a strategist at IG.
Prices fell in the previous session amid profit-taking after data showed US inventories fell less than analysts had expected.
Meanwhile, the US dollar was largely stable by 0645 GMT, declining 0.1%.
This comes amid uncertainty about demand prospects in China, the world’s largest crude buyer, amid its slowing economy.
Citi analysts stressed in a note that crude oil prices may find it difficult to settle on a clear trend amid a mixed outlook for global demand in the next few weeks.
Citi analysts also see that Brent crude prices moved to a higher range in July after remaining between $72 and $78 during May and June, supported by Saudi production cuts and geopolitical risks.
The Energy Information Administration announces a decline in US crude oil inventories
Crude oil stocks fell in the United States, during the week ending July 14, due to increased exports and increased activity of refining companies, according to the latest data issued by the US Energy Information Administration.
Inventory decreased by 708 thousand barrels, during the past week, to 4.457 million barrels.
At the same time, the strategic oil reserves in the United States stabilized during the past week at the level of 8.346 million barrels.
Gasoline inventories decreased by 1.07 million barrels to 4.218 million barrels, while diesel inventories increased by 01.0 million barrels to 2.118 million barrels.
In terms of refining activity, the administration’s data showed that US refineries operated by 3.94% of their operational capacity, an increase of 6.0 percentage points over the previous week.