Oil edges up, WTI crude crosses $90

08/08/2022 Argaam
Oil drilling rigs

Oil drilling rigs

Oil continued to edged higher today, Aug. 8, after data showed that China's imports of crude rose during July, from their lowest level in four years, as travel and transportation activities resumed following the easing of COVID-19 restrictions.

 

International benchmark Brent crude rose 1.17% to $95.03 per barrel, at 10:23 am Makkah time.

 

West Texas Intermediate (WTI) crude gained 1.19% to $90.07 a barrel.

 

China imported 8.79 million barrels per day of crude during July, up from a four-year low in June, but still 9.5% lower than a year ago, according to data released over the weekend.

 

Meanwhile, investors are awaiting the US Energy Information Administration’s short-term forecast that is due to be released on Aug. 9. In addition, OPEC monthly oil report and International Energy Agency’s report are expected this week.

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