This week, state and private oil processors including Reliance Industries Ltd., Indian Oil Corp. and Bharat Petroleum Corp. bought more US West Texas Intermediate crude than normal, according to traders who asked not to be identified as they’re not authorized to speak to the media. The main driver was more favorable prices for the grade, which have weakened relative to Middle East benchmarks, they said.
Crude oil inventories in the United States increased by 3.0 million barrels during the week ending August 8, after dropping by 3 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 426.7 million barrels according to government data, which is 6% below the five-year average for this time of year.
Crude oil inventories in the United States saw a decrease of 2 million barrels during the week ending May 2, according to new data from the U.S. Energy Information Administration released on Wednesday.
U.S. crude oil supply will rise more slowly than expected for the rest of 2025 and in 2026 and peak as early as this year, as WTI benchmark prices below $60 per barrel are testing the breakeven point of shale production, energy flows intelligence firm Kpler said on Monday.
Oil prices were little changed on Friday but on track for their fourth straight week of losses after tumbling about 5% to a four month-low on Thursday on worries over global demand.