Crude Oil Rebounds Toward $96 Per Barrel

27 Jul 2022 , 03:07 PM

Oil is seen rebounding on Wednesday towards $ 96 per barrel after API reported a large draw for crude oil inventories. API data showed that US crude stockpiles declined by 4 million barrels last week. Gasoline inventories also fell by 1.1 million barrels. WTI crude oil futures are nearly 1% at $95.75 per barrel. Easing dollar below 107 mark is also supporting oil prices. Dollar edged lower ahead of looming Federal rate hike decision due later in the global day. Although expectations are in for a Fed rate hike, the quantum remains unsure amid deteriorating economic data from the United States. Meanwhile, reduced gas supplies from Russia to Germany through the Nord Stream 1 pipeline is also aiding gains in the commodity. Powered by Commodity Insights