Weekly Crude Oil Review: WTI Futures Ease After Hitting $95 Mark

27 Aug 2022 , 01:07 PM

WTI Crude oil futures slumped, falling from a four week high of $95 per barrel. The counter has been going up recently on ideas that OPEC will cut the output in near term. Falling US crude inventories and the Russia-Ukraine war also seem to be supporting the sentiments. The Energy Information Administration reported a crude oil inventory decline of 3.3 million barrels for the week to August 19. This compared with a draw of 7.1 million barrels estimated for the previous week by the Department of Energy agency. In gasoline, the EIA had reported an inventory decline of 4.6 million barrels for the week before last and with last weeks level unchanged, inventories are around 7 percent below the seasonal average. Gasoline production stood at 9.4 million barrels daily last week, according to the EIA, which compared with 10 million bpd a week earlier.Powered by Commodity Insights