Ouch! American Supply Increases Again, Oil Prices Get Gloomier

thecekodok

 Crude oil markets remained gloomy after readings from industry reports showed US crude oil inventories continued to rise last week.


This is a new sign of weak demand from the world's giant economy.


In the European session, US WTI crude oil futures traded dismal at $95 a barrel while Brent oil traded little changed at $89 a barrel.



US crude oil supplies rose by 2.2 million barrels in the week ended August 5, missing expectations for a small decline of 400,000 barrels, according to American Petroleum Institute (API) data.


This left oil trading hovering around record lows as investors were more affected by concerns over weak demand than news about the energy crisis in Europe.


Russia has suspended the flow of crude oil on the Druzhba pipeline to several central European countries due to transit payment issues.

Tags