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Concerns over supply disruption have quickly eased and international oil prices have turned from rise to fall.
Crude oil product showed a trend of top reversal overall. The average price of WTI this week was $82.25 per barrel, down by $0.42 per barrel or -0.51% compared to the previous week.
WTI Hovers Around $82.00 as Soft Inflation Raises the Odds of Fed Rate Cuts
WTI price receives support as easing inflation data has heightened expectations of a Fed rate cut in September.
Oil Stats Are All Over the Place; It's a Problem for Investors and Environmentalists Alike -- Barrons.com
To slow the most devastating impacts of climate change, countries will have to agree on how to move away from fossil fuels and toward cleaner alternatives. Today, the world's biggest energy organizations can't even agree on how much oil is already being used.
Oil Prices Rise as Dollar Dips Ahead of CPI Data; US Inventories Shrink
Oil prices rose in Asian trade on Thursday, extending recent gains as weakness in the dollar ahead of key U.S. inflation data benefited price, while bets on tighter global supplies remained in play.
OPEC Monthly Report: Oil supply shortages may occur in the coming months as countries such as Russia have not yet fulfilled their production cuts.
On Wednesday, according to the latest monthly report from OPEC, although Russia significantly reduced its crude oil production in June, the three main OPEC+ members, Russia, Iraq, and Kazakhstan, still supply tens of thousands of barrels per day more than their quotas set earlier this year.
Crude Oil Regains Some Track – TDS
Crude oil's resilience has seen Commodity Trading Advisors (CTAs) add back their notable length in WTI. The impact to oil supply from hurricane Beryl was less than expected, TDS analysts note.