Oil Prices Slip Despite Modest Draw In Crude Inventories

After a week-long rally that eventually saw Brent and WTI both
jump the US$50 barrier for the first time in a month, this week
produced a string of bad news that squashed prices yet again. The
EIA bucked the negative trend, however, and reported a
1.5-million-barrel draw in commercial oil inventories. Yesterday,
news about higher July OPEC oil exports from Kpler coupled with
three estimates about the cartel’s production from Bloomberg,
Reuters, and Petro-Logistics, all of which saw it higher than in
June. With exports hitting their highest…

After a week-long rally that eventually saw Brent and WTI both
jump the US$50 barrier for the first time in a month, this week
produced a string of bad news that squashed prices yet again. The
EIA bucked the negative trend, however, and reported a
1.5-million-barrel draw in commercial oil inventories. Yesterday,
news about higher July OPEC oil exports from Kpler coupled with
three estimates about the cartel’s production from Bloomberg,
Reuters, and Petro-Logistics, all of which saw it higher than in
June. With exports hitting their highest…