New York. The price of Petroleum Texas Intermediate (WTI) opened this Wednesday with a slight rise of 0.17% and stood at 90.65 dollars a barrel, when investors are concerned about an increase in US crude reserves.
As of 09:00 New York local time (13:00 GMT), WTI futures contracts for delivery in September were up 15 cents on the dollar from the close of the previous session.
US crude stocks rose by around 2.2 million barrels during the week ending August 5, according to local media citing sources who have seen the new data from the American Petroleum Institute.
Read more: Texas oil loses 0.3% and closes at $90.50 a barrel
Analysts had forecast a small drop of 400,000 barrels in crude inventories. However, official government data is due later today.
“Simply put, the outlook for oil remains cloudy as markets don’t know how much demand destruction is coming, and that unknown should remain a real headwind for oil, barring a big surprise.” geopolitical, for example, an extension of the Russia/Ukrainian War”, says analyst Tom Essaye today, in a report by the Sevens Report firm.
