Oil prices steady ahead of US inventory data

28/08/2024 Argaam

Oil prices steady ahead of US inventory data

Oil drilling rigs

Oil prices were steady in early trade today, Aug. 28, after losses yesterday amid concerns over global supply disruptions and as investors awaited data on US inventories of crude oil.

 

Brent crude was trading at $79.57 at 08:12 am Makkah time, after falling 2.3% yesterday.

 

WTI crude held at $75.54 a barrel.

 

The American Petroleum Institute latest data showed a decline in US oil inventories by 3.4 million barrels during the week ended Aug. 23, and a fall in gasoline and distillate inventories by 1.86 million barrels and 1.4 million barrels, respectively.

 

This is a positive indication of the strength of demand for oil in the world's largest economies. Investors are awaiting the release of official data from the US Energy Information Administration later today.

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