U.S. petroleum prices show a modest increase despite indications of growing stockpiles within the industry
In a significant development, the recent decline in U.S. crude oil inventories has had a positive impact on global oil prices. For the week ending August 15, 2025, U.S. crude inventories fell by approximately 6 million barrels, exceeding expectations and signaling robust demand in the U.S. [1][2][4]
This sharp drawdown has contributed to an increase in oil prices, with West Texas Intermediate (WTI) futures recently trading around $63 per barrel [2][4]. Brent crude also rose, trading near $67 per barrel [4].
The unexpected drop in U.S. crude inventories has bolstered oil prices despite global economic concerns [1][2]. Ongoing geopolitical factors, such as the Ukraine peace talks and potential sanctions on Russian crude, have added uncertainty, which is supporting oil prices [2][4].
In contrast, earlier in August, U.S. crude inventories did experience a rise due to weaker exports and higher imports, which led to lower oil prices [5]. However, this scenario has reversed with the latest inventory drawdown.
Meanwhile, on the National Commodities and Derivatives Exchange (NCDEX), August jeera contracts were trading at ₹18,860 in the initial hour of trading on Wednesday, down by 0.42 per cent compared to the previous close of ₹18,940.
In other news, Wagh Bakri has launched a 'super premium' category tea, priced 30-40% more than its existing products.
The American Petroleum Institute (API) reported that crude oil inventories in the U.S. increased by 1.52 million barrels for the week ending August 8. However, this data predates the recent inventory drawdown.
ING Think's Commodities Feed stated that OPEC's monthly oil market report made no changes to its 2025 demand and non-OPEC+ supply numbers.
Markets are awaiting the release of official data from the U.S. Energy Information Administration (EIA) later on Wednesday. Meanwhile, the proposed meeting between the Presidents of the U.S. and Russia in Alaska on Friday could potentially help remove some sanctions on Russia, according to markets players.
[1] U.S. crude oil inventories fall more than expected [2] Global oil prices rise as U.S. crude inventories fall [3] OPEC increases oil demand growth forecasts for 2026 [4] U.S. crude oil inventories fall, boosting prices [5] U.S. crude oil inventories rise due to weaker exports and higher imports
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