Oil slips after report of decline in US inventories

06/07/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices declined marginally today, July 6, after estimates indicated a decrease in US crude stocks.

 

Brent crude was trading down 0.34% at $76.39 a barrel, at 08:03 am Makkah time.

 

West Texas Intermediate (WTI) crude fell 0.14% to $71.69 a barrel, after gaining about 3% over the previous two sessions.

 

The American Petroleum Institute’s data showed that crude inventories fell by about 4.4 million barrels last week. The official data from the Energy Information Administration is scheduled to be released later today.

 

Meanwhile, minutes from the latest Fed meeting showed that officials agreed on the need for more monetary tightening this year.

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