Oil edged up for a fifth day ahead of data that could show another substantial draw in US inventories.
(Bloomberg) — Oil edged up for a fifth day ahead of data that could show another substantial draw in US inventories.
West Texas Intermediate rose toward $82 a barrel, on course for the longest run of gains 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.
Prices pared earlier gains slightly as US economic data pointed to a softening economy. In Africa, meanwhile, soldiers in Gabon seized power in the OPEC member. Army officers appeared on state television early on Wednesday to announce they’d canceled Saturday’s election and dissolved the country’s institutions. 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.
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