Oil rose for second session on Thursday

International benchmarks for oil prices edged higher on Thursday (4 August) as inventories data from the EIA in earlier session eased analysts’ concerns about a gasoline supply glut. However, cautious analyst believed that market would remain under pressure as the total commercial stockpile continues to grow. This is especially when production in OPEC, Russia and Brazil is rising, putting global excessive supply in place.

WTI closed at $41.93/barrel (+$1.10) September delivery

Brent closed at $44.29/barrel (+1.19) September delivery