Oil Demand Still Uncertain But Prices Steady – 15 August, 2018

Oil steadied and prices rose after recovering from a 2 percent slide yesterday when data showed large U.S. inventories were a cause for concern about the demand outlook. Brent crude was 67 cents higher at $71.43 per barrel and U.S. crude futures rose to $65.46 per barrel, up 45 cents. U.S. data showed crude output rose by 100,000 bpd to 10.9 million bpd during the week of August 10. Experts predict that as summer comes to an end, oil processing should be on the decrease.