Oil Prices Stabilize After Drop to Near 6-month Low

OPEC+ decided at its meeting on Aug. 3 to raise its oil output target by 100,000 bbl/d, only a 0.1% raise as oil prices begin to stabilize.

Rowena Edwards, Reuters

Oil prices were broadly steady on Aug. 4 as the market weighed tight supply against fears of a demand slowdown after a build in U.S. crude and gasoline stocks sent prices to multi-month lows in the previous session.

Brent crude futures were down 3 cents to $96.75 a barrel by 12:00 GMT, while WTI crude futures were up 40 cents, a 0.44% gain, at $91.06.

Both benchmarks fell on Aug. 3 to their weakest levels since before Russia's Feb. 24 invasion of Ukraine, that Moscow calls "a special operation."

The move followed an unexpected surge in U.S. crude inventories last week. Gasoline stocks, the proxy for demand, also showed a surprise build as demand slowed, the Energy Information Administration said.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access