Prices for the West Texas Intermediate (WTI) was seen winging in between gains and losses on Wednesday as it remained below $93 per barrel. Meanwhile, the market forecasts weaker demand as the greenback strengthens.
Futures for the North American West Texas Intermediate (WTI) for October delivery gained 0.14% to %92.99 a barrel on the New York Mercantile Exchange. WTI for September delivery, which expires today, traded at $95.44 per barrel.
The European benchmark Brent crude for October settlement remained flat, trading 0.14% to $101.84 per barrel on the ICE Futures Europe exchange based in London.
The market are focusing on the release of the US crude inventories report from the Energy Information Administration later in the day and expecting to see a drop in crude stockpiles by 1.75 million barrels, while distillate and gasoline supplies are projected to have fallen for a third week.
Meanwhile a separate crude supplies report from the American Petroleum Institute released on Tuesday showed that crude stockpiles in the US, the world’s largest oil consumer, fell by 1.4 million barrels in the week ended August 15. The data also showed that supplies at Cushing, Oklahoma, the delivery point WTI contracts increased by 1.7 million.
Free Reports:
Earlier this week, the Iraqi Kurdish troops known as Peshmerga have regained the Mosul dam, the nation’s largest dam from the rebels, after the US dispatched airstrikes against the Sunni militants. The Kurdish fighters are aiming to reverse gains made by the rebels since capturing the city of Mosul in June.
The conflict in Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries (OPEC), has spared the southern region of the country, the base of almost three-quarters of the country’s crude production. According to the Bloomberg, the nation produced 3 million barrels a day in July.
In Libya, the nation’s crude production rose to 562,000 barrels per day on Tuesday from 535,000 per day recorded on the weekend, the spokesman for National Oil Corp said.
Deposit $100 get $100 absolutely FREE! Register with HY Markets today.
The post Crude Remains Flat on Weak Demand Concerns appeared first on | HY Markets Official blog.