Crude Oil Prices Rebounded as Inventory Plunged
SylviaHunt30Crude oil prices rebounded as inventory declined in the US. The front-month contract for WTI crude oil rose to a 3-day high of 101.6 before settling at 101.2, up +1.24% while the Brent crude contract initially rose to a 3-day high of 106.9 before ending the day at 107.17, up +1.08%. On oil inventory, the US DOE/EIA reported that total crude oil and petroleum products stocks added +1.23 mmb to 1124.34 mmb in the week ended July 13.
