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Oil prices rise from 6-month lows as U.S. inventories decrease

Haiden Holmes

Aug 17, 2022 11:37

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Oil prices rose on Wednesday, recovering from six-month lows touched the day before, as a larger-than-expected decrease in U.S. oil and gasoline stocks reminded investors that demand remains healthy despite the likelihood of a global recession.


Brent crude futures climbed 13 cents, or 0.1%, to $92.47 per barrel at 00:35 GMT. West Texas Intermediate (WTI) crude increased by 27 cents, or 0.3%, to $86.80 a barrel.


Tuesday saw a decrease of nearly 3 percent in contracts as dismal U.S. housing starts data fueled worries of a global recession.


"A fall in U.S. gasoline stocks for the second consecutive week has reassured investors that demand is resilient, spurring purchases," said Fujitomi Securities Co.'s chief analyst, Kazuhiko Saito.


Concerns about the likelihood of a worldwide recession are anticipated to keep the oil market under pressure and volatile.


According to market sources citing Tuesday's American Petroleum Institute report, crude and fuel stockpiles in the United States dropped during the previous week.


Inventories of crude oil declined by around 448,000 barrels in the week ending August 12. According to the sources, gasoline stocks declined by about 4.5 million barrels, while distillate stocks decreased by about 759,000 barrels.


According to a comprehensive poll conducted by Reuters on Tuesday, oil stockpiles likely decreased by roughly 300,000 barrels last week, while gasoline inventories likely decreased by approximately 1.1 million barrels and distillate inventories increased.


Moreover, investors anticipated clarification over efforts to reinstate the 2015 Iran nuclear deal. According to analysts, if Iran and the United States agree to a European Union plan to eliminate restrictions on Iranian oil exports, the oil supply might increase.


The European Union and the United States said on Tuesday that they were reviewing Iran's response to what the EU termed its "last" proposal to rescue the 2015 nuclear agreement, in response to Tehran's request for Washington to show flexibility.


Barclays (LON:BARC) lowered its Brent price forecasts for 2022 and 2023 by $8 per barrel on Tuesday, forecasting a large surplus of crude oil due to "resilient" Russian supplies in the near future.

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