Oil fluctuates due to uncertain supply, swelling US reserves| MENAFN.COM

Sunday, 07 August 2022 10:24 GMT

Oil fluctuates due to uncertain supply, swelling US reserves


(MENAFN) In the early hours of exchanging on Wednesday, crude oil costs fluctuated due to supply concerns and expectations for a highly anticipated meeting of the OPEC+ group as well as an anticipated increase in United States crude oil stocks, the world's largest oil consumer.

At 09.29 a.m. regional time (0629 GMT), international benchmark Brent crude was exchanging at USD100.52 a barrel, down 0.02 percent from the prior session's closing cost of USD100.54.

West Texas Intermediate (WTI), the American benchmark, was exchanging at USD94.39 a barrel at the same time, down 0.03 percent from the prior session's closing cost of USD94.42 per barrel.

Late on Tuesday, the American Petroleum Institute (API) stated that it expected United States crude oil stocks to grow by almost 2.2 million barrels in comparison to the market's forecast of a decline of 467,000 barrels.

The United States is the world's biggest oil consumer, and the anticipated increase in stocks indicates a decline in United States demand for petroleum, which is going to pull costs lower.

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