Oil prices remained flat after the impact of OPEC+’s recent supply cuts and the American Petroleum Institute’s report, which pointed out that commercial inventories across the US were once again declining.
Oil prices are trading at flat levels after the impact of the supply cuts of the Organization of Petroleum Exporting Countries (OPEC) and the OPEC+ group, which consists of some non-OPEC producer countries.
West Texas Intermediate (WTI) traded just under $72 a barrel after rising nearly 3 percent in the previous two sessions, following statements from Saudi Arabia and Russia that announced they would cut production to stop oil prices falling.
The American Petroleum Institute (IPA) announced last week that it estimated crude oil inventories across the country decreased by 4.4 million barrels. Official figures for inventories, which were at their lowest level in almost six months when last reported, are expected to be released on Thursday.
Crude oil has dropped 10 percent this year as China’s weak economic recovery and tightening monetary policy in the US and Europe weighed on the demand outlook. Rising borrowing costs have led to a decline in global oil stocks, while prices have the potential to increase further in the future.
WTI for August delivery fell 0.08 percent to $71.73 a barrel as of 1:15 p.m. in Singapore.
Brent oil for September delivery fell 0.3 percent to $76.42 per barrel.