Crude Oil Forecast for Today, 08 August 2024: Oil prices rose for a third day after a significant drop in US crude oil reserves. Brent and WTI futures saw marginal gains. An unexpected drop in US crude oil reserves and potential supply risks in the Middle East also fueled the surge in prices. In addition, Libya announced production cuts due to protests, which increased market volatility.
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Oil prices rose for a third straight session on Thursday after government data showed a sharp fall in U.S. crude stockpiles, recovering from multi-month lows hit this week.
Brent crude futures rose 23 cents, or 0.3%, to $78.56 a barrel by 0017 GMT, while U.S. West Texas Intermediate crude rose 29 cents, or 0.4%, to $75.52.
Brent fell to its lowest since early January on Monday, and WTI to its lowest since February, hurt by worries about a U.S. recession and a selloff in global stocks.
U.S. crude stockpiles fell for a sixthstraight week lastweek, falling by 3.7 million barrels to 429.3 million barrels, government data showed, while analysts in a Reuterspoll had expected a 700,000-barrel drop.
Investors also continued to debate the supply situation, as datafrom the U.S. Energy Information Administration showed output rose by 100,000 barrels per day (bpd) to a record 13.4 million bpd in the week ended Aug. 2.
However, the potential for supply disruptions in the Middle East worried markets after the killing of senior members of militant groups Hamas and Hezbollah last week raised the possibility of a retaliatory strike by Iran against Israel.
While supplies have not been affected yet, attacks on ships in the RedSea have forced tankers to take longer routes, meaning more oil will remain on the water for longer.
Meanwhile, Libya’s National Oil Corporation has declared force majeure atits Sharara oil field from Tuesday, it said in a statement, adding that the company has gradually reduced the field’s output due to the protests.
