Oil rises on hopes of decline in US inventories

Oil drilling rigs

Oil prices rose today, July 24, as investors awaited official data on US inventories after the American Petroleum Institute (API) estimates showed a decline of about four million barrels last week.

Brent crude was trading up 0.26% at $81.22 per barrel at 08:16 am Makkah time. West Texas Intermediate (WTI) crude rose 0.29% to $77.18 per barrel.

The API’s weekly report showed that US crude inventories fell 3.9 million barrels last week, with gasoline inventories down by 2.8 million barrels and distillates by 1.5 million barrels.

This supported oil prices today, after they recorded the lowest settlement in six weeks at the end of July 23 session.

Investors are awaiting today the release of official inventory data from the US Energy Information Administration, amid expectations of a decrease of 2.5 million barrels.