WTI Crude Oil trades at $70 per barrel

The West Texas Intermediate (WTI) oil was trading around $70 a barrel on Thursday, rebounding from two-month lows of near $65 earlier in the week, as risk appetite improved despite an unexpected increase in US crude stock.

The EIA data showed on Wednesday that US oil inventories unexpectedly rose 2.1 million barrels in the week ended July 16th to 439.7 million barrels, up for the first time since May.

Meanwhile, API figures on Tuesday pointed US crude stocks gained 0.806 million barrels last week, the first rise since May. On top of that, OPEC+ decided on Sunday to increase overall crude production by 400,000 barrels per day on a monthly basis starting August 2021 until phasing out the 5.8 million bpd production adjustment.

At the same time, soaring COVID-19 cases in the US, Europe, and Asia threaten demand recovery.

The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity.

Source: Trading Economics