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WTI holds near $82 as Middle East supply fears offset US inventory surge
EIA data showed US crude inventories jumped 17.4 million barrels for the week ended Aug. 7, far above expectations for a 1.4 million barrel decline.
WTI crude traded in a tight range on Wednesday around $82.20 per barrel, holding close to a one-and-a-half-week high as traders weighed a large US inventory build against ongoing supply risks tied to the Strait of Hormuz, according to FXStreet.
The US Energy Information Administration reported that crude inventories rose by 17.422 million barrels in the week ended Aug. 7, compared with a 2.479 million barrel increase the prior week and well above the market forecast for a 1.4 million barrel drop. Despite the surprise build, sentiment remained anchored by Middle East shipping concerns.
FXStreet also pointed to US and regional developments affecting the waterway. The continued closure of the Strait led the International Energy Agency to lower its global oil supply and demand outlook, with forecasts showing supply falling by 4.3 million barrels per day in 2026 to about 102 million bpd, while world demand is expected to decline by 1.6 million bpd in 2026.
Technically, WTI was holding above its 50-day and 200-day simple moving averages, with the RSI near 53 and the MACD flattening near the zero line, signaling consolidation. Resistance was cited around the 100-day SMA near $86, while near-term support was pegged at the $80 level, followed by the 50-day SMA near $78 and the 200-day SMA at $75.
Latest closeWTI crude $83.42 ▲1.6%