Reported 5 months ago
Oil prices remained stable following a significant daily gain, supported by a tightening prompt spread and a decline in US crude stockpiles for the third consecutive week. West Texas Intermediate saw a decrease below $83 after a 2.6% rise, with inventories falling by 4.87 million barrels last week, reaching their lowest since February. This trend indicates a short-term demand greater than supply, even amid challenges posed by wildfires affecting Canadian oil production.
Source: YAHOO