Prices are recovering from previous lows but are stable now.
Saefong 24 [Myra; assistant global markets editor; has covered the commodities sector for MarketWatch for 20 years, 07/17/2024; “Oil prices rise as U.S. crude inventories post a third straight weekly fall,” Morning Star; https://www.morningstar.com/news/marketwatch/20240717323/oil-prices-rise-as-us-crude-inventories-post-a-third-straight-weekly-fall] iman
Oil futures ended higher on Wednesday, tallying their first gain in four sessions, after official U.S. data revealed a third weekly drop in a row for commercial crude inventories.
A week-to-week decline in implied gasoline demand reported by the Energy Information Administration, however, highlighted a reduction in fuel consumption during the summer season.
Price moves
West Texas Intermediate crude CL00 for August delivery CL.1 CLQ24 rose $2.09, or 2.6%, to settle at $82.85 a barrel on the New York Mercantile Exchange. Prices settled at their highest since July 5 after ending Tuesday at the lowest in more than three weeks, according to Dow Jones Market Data. September Brent crude BRN00 BRNU24, the global benchmark, climbed $1.35, or 1.6%, at $85.08 a barrel on ICE Futures Europe after ending Tuesday at a one-month low. August gasoline RBQ24 tacked on 1% to $2.50 a gallon, while August heating oil HOQ24 added 1% to $2.49 a gallon.Natural gas for August delivery NGQ24 settled at $2.04 per million British thermal units, down 7%, following a climb of 1.4% a day earlier.