Oil declines slightly after Wednesday's increase

The price on oil decreases Thursday morning following an increase on Wednesday, which came after a larger-than-expected decline in US inflation during July.


Oil dives Thursday morning after having surged Wednesday due to a decline in US inflation during July that was larger than expected.

A barrel of US benchmark crude West Texas Intermediate trades at USD 91.75 Thursday morning against USD 88.90 Wednesday at 5:00 p.m. CEST. The price increased from approx. USD 87.70 late Wednesday afternoon.

Similarly, a barrel of European benchmark oil Brent costs USD 92.27 Thursday morning against USD 94.72 Wednesday at 5:00 p.m. CEST. Late Wednesday afternoon, the price increased from USD 93.63.

Wednesday’s increase is basically maintained Thursday morning. Wednesday, Brent futures closed at USD 97.40 and WTI futures at USD 91.93.

Furthermore, the market is awaiting the monthly reports from the Organization of the Petroleum Exporting Countries and the International Energy Agency in order to gain knowledge of the balance on the oil market.

English edit: Kristoffer Grønbæk

Oil declines as market watches Russian pipeline

Oil prices advance on high demand in China and US

More from ShippingWatch

Sea Cargo Charter hesitates to raise climate ambitions

The climate ambitions of the Sea Cargo Charter initiative have been criticized by several members, but it seems they still don’t stand to be raised, Chair Jan Dieleman tells ShippingWatch. For over a year, the initiative has considered raising the bar.

Further reading

Related articles

Latest news

See all jobs