WTI Crude Oil Prices Fall Nearly 2%

10 Aug 2022 , 04:55 PM

Crude oil is trading on the downside, below $90 mark by the European session on Wednesday on the back of large US crude inventory build. The American Petroleum Institute (API) reported late Tuesday that US crude inventories increased by 2.156 million barrels last week versus expectations of a much smaller build, while gasoline stocks were down by 627,000 barrels and distillate inventories showed a build of 1.376 million barrels. Meanwhile the commodity is staying pressure ahead of crucial US CPI data due later in the global day to understand how steeply the U.S. Federal Reserve will raise interest rates in the coming months. WTI crude futures are currently lower by nearly 2% at $88.90 per barrel. Powered by Commodity Insights