Oil Prices Bounce as EIA Reports Smaller Inventory Rise

WTI crude oil prices climbed to around $82 per barrel on Thursday, reversing a two-day drop. This change was triggered by a recent EIA report that revealed less significant weekly growth in US crude supplies than the API reported earlier. Specifically, the EIA’s figures showed a rise of 3.165 million barrels in US crude inventories last week. This increase was contrary to the expected decrease of 1.275 million barrels and was significantly smaller than the 9.337 million barrel rise the API had documented.

Additionally, investors are paying close attention to ongoing supply challenges as the OPEC Joint Monitoring Ministerial Committee prepares for next week’s meeting. On another note, the upcoming US PCE price index report, a key indicator of inflation that the Federal Reserve watches, is anticipated with great interest on Friday. It could offer hints about future interest rate movements.

Oil Prices Bounce as EIA Reports Smaller Inventory Rise