Oil stable ahead of OPEC, IEA reports

Oil drilling rigs

Oil prices were stable today, Aug. 11, after gaining more than 1% in the previous session following the slowdown in inflation in the United States and despite the rise in US inventories last week.

International benchmark Brent crude was trading at $97.40 per barrel, at 8:58 am Makkah time.

West Texas Intermediate (WTI) was at $91.85 a barrel.

Today, investors are awaiting the release of OPEC’s monthly oil report, after the organization and its allies agreed earlier in August to a slight increase in production. The International Energy Agency’s (IEA) report is also due later today.

Russia's pipeline firm Transneft resumed oil flow through the southern part of the Druzhba pipeline, after it announced earlier this week that Ukraine had suspended flows to parts of central Europe since early this month, because Western sanctions prevented it from receiving transit fees from Moscow.