Crude Oil Price Reverses Three-Day Drop as US Crude Inventories Fall

 

Following a greater-than-anticipated drop in US stockpiles, oil prices have stopped falling for three days. Crude may stage a stronger comeback in the days to come as it breaks the string of lower highs and lows from the previous week.
CRUDE OIL PRICE STOPS THREE DAY SELLOFF AS US CRUDE INVENTORIES CONTRACT

US data prints seem to support oil price as the 7.056M reduction in crude stockpiles improves the forecast for consumption. However, it is unclear if these developments will impact OPEC, which aims to boost production by “0.1 mb/d for September 2022.”

While the most recent Monthly Oil Market Report (MOMR) warns that “volatility in futures markets remained fueled by expectations of lower GDP growth,” and the price of oil may face challenges ahead of the next Ministerial Meeting on September 5, as the update reveals that “for 2022, world oil demand is foreseen to rise by 3.1 mb/d, a downward revision of 0.3 mb/d from last year,” evidence of strong demand may encourage OPEC to boost production throughout

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