Oil Prices Slip Despite Modest Draw In Crude Inventories

OilPrice.com ------- After a week-long rally that eventually saw Brent and WTI both jump the US$50 barrier for the first time in a month, this week produced a string of bad news that squashed prices yet again. The EIA bucked the negative trend, however, and reported a 1.5-million-barrel draw in commercial oil inventories. Yesterday, news about higher July OPEC oil exports from Kpler coupled with three estimates about the cartel’s production from Bloomberg, Reuters, and Petro-Logistics, all of which saw it higher than in June. With exports hitting their highest monthly levels so far this year and production up by between 90,000 bpd (Reuters) and 210,000 bpd (Bloomberg), OPEC was once again a headwind for prices. To learn more click on the picture below to read the article.