WTI Crude Oil Holds Near Two-Week High

24 Aug 2022 , 02:05 PM

Oil prices are steadily rising near two-week high, although the momentum has softened following a near 4% gain in the previous session amid fears of an imminent cut in output by the Organization of the Petroleum Exporting Countries and allies, or OPEC+. Oil prices were also supported by a large draw in US stockpiles as reported by the American Petroleum Institute yesterday. U.S. crude stockpiles fell by about 5.6 million barrels for the week ended August 19. In the week prior, the API reported a draw in crude oil inventories of 448,000 barrels. WTI crude oil futures are currently quoting at 94.93, up more than 1%. Powered by Commodity Insights