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WTI falls below $82.50 after bigger-than-expected US inventory build
US crude stockpiles rose 17.4 million barrels for the week ending August 7, versus a forecast for a 1.4 million barrel decline, adding pressure to prices.
West Texas Intermediate crude fell below $82.50 in early Asian trading on Thursday, trading around $82.45 as investors reacted to a larger-than-expected increase in US crude oil inventories, according to FXStreet.
Data from the US Energy Information Administration showed crude oil stockpiles rose 17.422 million barrels for the week ending August 7, compared with a 2.479 million barrel increase the prior week, while market consensus had called for a 1.4 million barrel decline.
Traders are also watching developments around US-Iran talks, with Rabobank warning that expectations for a quick diplomatic resolution to reopening the Strait of Hormuz may be overstated, and suggesting any arrangement could last only about a 60-day window for commercial transits rather than deliver a permanent fix.
FXStreet also noted WTI’s technical picture remains pressured, with the 100-day simple moving average near $86.67 and price sitting below key Bollinger levels, while the 14-day RSI is around 52.6, signaling neutral momentum.
Latest closeWTI crude $82.68 ▼0.6%