Oil Rises From Six Month Low, Dip In U.S. Stockpile – 16 August, 2022

Oil prices were slightly higher on Wednesday after sinking to six month lows the previous session, as a larger-than-expected drop in U.S. oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession. Brent crude futures were 0.1% or 13 cents higher to $92.47 per barrel. West Texas Intermediate crude climbed 27 cents or 0.3% to $86.80 per barrel. The contracts slumped about 3% on Tuesday as weak U.S. housing starts data spurred concerns about a potential global recession. Crude stocks fell by about 448,000 barrels for the week ended Aug. 12.