The WTI crude oil futures price settled at $70.17. This fell – $1.12 or -1.54%. Today’s low is $70.10. The highest price was at $71.77.
Over the course of the week, the price fell by $1.57. Last week, the price settled at $71.74.
Crude oil
Read this term Prices recorded a second consecutive week of declines, dragged down by the strength of the US dollar and the scarcity of news. Prices initially rose due to Saudi Arabia’s commitment to production adjustments, but were later pressured by increases in US fuel inventories and disappointing Chinese export data. The sudden contraction in the Canadian labor market, coupled with weak Chinese inflation data, may also have contributed to lower prices at the end of the week.
In the US, Baker Hughes accounts changed little this week after steady declines this year. The number of oil rigs increased by one to 556, while the number of natural gas rigs decreased by two to 135, bringing the total number of rigs down from one rig to 695.
Looking ahead to the week ahead, factors such as demand during the summer driving season and upcoming macroeconomic events such as the US CPI, FOMC, European Central Bank, US retail sales, and Bank of Japan will be key in determining oil price movements.
Meanwhile, the US Department of Energy (DoE) plans to issue a new order for an additional 3 million barrels of strategic stock crude. These drums are scheduled to be delivered in September. In August, the Energy Department awarded contracts for the purchase of 3 million barrels of crude oil for the Strategic Petroleum Reserve (SPR) at an average price of $73 per barrel.
