P rices of oil futures fell on Thursday as recession fears continued to mount, prompted by the latest report on the United States inflation. The elevated figures could potentially lead to more aggressive rate hikes from the Federal Reserve, which would, in turn, affect the growth of the global economy and tamp down the demand for crude. West Texas Intermediate (WTI) for deliveries in August declined 1.42% to $95.14 per barrel at 4:31 am ET, while Brent for September settlements lost 0.95%, selling for $98.54 per barrel a minute later.
US crude inventories up by 3.3 million barrels – EIA
Commercial crude oil inventories in the United States, which are not taking into account those in the Strategic Petroleum Reserve, were up by 3.3 million to 427.1 million barrels in the week ending July 8, the Energy Information Administration (EIA) revealed in its report published on Wednesday. US crude oil refinery inputs averaged 16.6 million barrels per day, improving by 202,000 barrels per day from the average recorded the prior week. Refineries operated at 94.9% of their capacity, while gasoline production dropped, averaging 8.9 million barrels per day. Imports of crude oil in the US averaged 6.7 million barrels per day, falling by 0.2 million barrels per day compared to the previous week. Total commercial petroleum inventories increased by 21.7 million barrels. NN: As we previously reported crude oil and gasoline prices has peeked. Currently we are targeting crude oil in the Eighties. Biden would not be going to Saudi to kiss princess ass unless he had a deal to get them to increase production…… And yes Dorthy inflation has peeked… And yes the Fed is about to over-tighten…. Like they always do.