Oil market edged higher amid robust US economic data and inventory decline
US commercial crude inventories saw a significant reduction, falling by 3.7 million barrels for the week ending 1 July, while total motor gasoline inventories declined by 5.6 million barrels, further supporting the market.
International crude oil benchmarks rose modestly on Thursday, 25 July, buoyed by stronger-than-expected growth in the US economy during the second quarter. The encouraging economic data, coupled with easing inflation, has heightened expectations that the Federal Reserve might reduce key interest rates as early as September.
US commercial crude inventories saw a significant reduction, falling by 3.7 million barrels for the week ending 1 July, while total motor gasoline inventories declined by 5.6 million barrels, further supporting the market.
Despite these positive factors, the gains were tempered by ongoing concerns regarding weakened demand from China.
Brent increased by 66 cents to close at $82.37/barrel.
WTI gained 69 cents to settle at $78.28/barrel.
Written by: Rochelle Nguyen