Oil edged up to the highest in more than a week, ahead of data that could show another substantial draw in US inventories.
(Bloomberg) — Oil edged up to the highest in more than a week, ahead of data that could show another substantial draw in US inventories.
West Texas Intermediate rose for a fifth day toward $82 a barrel, on course for the longest winning streak since March. US stockpiles tumbled by 11.5 million barrels, according to the industry-funded American Petroleum Institute. If confirmed by official data later Wednesday, that would be the sixth drop in seven weeks.
In Africa, meanwhile, soldiers in Gabon announced on local television that they had canceled elections and dissolved key institutions in the OPEC member, according to Agence-France Presse, which reported gunfire in Libreville, the capital. There were no reports of interruptions to crude output or exports.
After a sharp ascent over July, crude prices have been steadier in August, holding around $80 a barrel. Trading volumes were below average levels on Wednesday and market volatility is at the lowest since 2020 for US crude futures, underscoring a lack of major market moves of late.
“Oil markets are very quiet,” Keshav Lohiya, founder of consultant Oilytics, wrote in a note, adding that crude has been supported by bullish inventory data and recent strength in wider markets.
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