SINGAPORE: As markets considered a range of economic and market indications from the US, the world’s largest oil consumer, as well as predictions of increased supply from major producers next month and a weaker US currency, oil futures saw minimal movement on Wednesday. At 9:18 a.m. Saudi time, Brent crude dropped 4 cents to $67.07 a barrel, while US West Texas Intermediate crude dropped 9 cents to $65.36 a barrel.
Since June 25, Brent has fluctuated between a high of $69.05 a barrel and a low of $66.34, as worries about supply disruptions in the Middle East producing region have subsided in the wake of the Iran-Israel truce.
According to reports, US crude oil stocks increased by 680,000 barrels over the previous week, weighing on prices at a time when stockpiles usually decrease during the summer demand season. The data was released by the American Petroleum Institute on Tuesday evening.
According to Phillip Nova senior market analyst Priyanka Sachdeva, “the combination of potentially increasing OPEC+ supply, perplexing US inventory signals, uncertain geopolitical outlook, and macro-policy ambiguity is pushing today’s oil price moves.
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