Brent crude oil futures traded above $80 a barrel in the early trade on Thursday as the US came out with the inflation data, which was softer-than-the market expectations. At 9.54 am on Thursday, September Brent oil futures were at $80.42, up by 0.39 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $76.03, up by 0.37 per cent. According to the US EIA (Energy Information Administration), US commercial crude oil inventories (excluding those in the strategic petroleum reserve) increased by 5.9 million barrels from the previous week. At 458.1 million barrels, US crude oil inventories were approximately 1 per cent above the five-year average for this time of year. The US is a major consumer of crude oil in the global market.

Source: The Hindu July 13, 2023 12:06 UTC