Weekly Crude Oil Review: WTI futures hit one-week high amid falling US inventories

WTI crude oil futures recovered to hit around a one-week high above $63 per barrel amid signs of strong US demand and uncertainty over efforts to end the war in Ukraine. Crude oil inventories in the United States decreased by 6 million barrels during the week ending August 15, after growing by 3 million barrels in the week prior, according to new data from the US Energy Information Administration (EIA). The build brings commercial stockpiles to 420.7 million barrels according to government data, which is 6% below the five-year average for this time of year. For total motor gasoline too, the EIA reported a decrease of 2.7 million barrels, intensifying the week prior?s 800,000-barrel dip. This is capping downside for the WTI Crude oil prices following a decline that pushed the counter near two and half month low around $61.50 per barrel.

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