Oil closes higher as US inventories fall

Oil drilling rigs

Oil closed positive today, July 10, after data on crude inventory in the US was released and as OPEC maintained its forecast for global demand growth.

Brent crude rose 0.5%, or 42 cents, to settle at $85.08 a barrel, after touching $84. WTI crude climbed 0.85%, or 69 cents, to record $82.10 a barrel, after falling to $80.81.

Data from the US Energy Information Administration revealed that oil inventories fell by 3.4 million barrels last week, with gasoline inventories falling by 2 million barrels, and refinery utilization rate increased by 1.9 points to 95.4%, the highest level since June 2023.

The weekly report showed that US crude production rose by 100,000 barrels to 13.3 million barrels per day, while crude oil imports increased by 214,000 barrels to 6.8 million barrels per day. Exports decreased by 402,000 barrels to 4 million barrels per day.

China's inflation data limited gains, amid renewed demand concerns, with the consumer price index rising 0.2% year-on-year in June, missing expectations for a 0.4% growth. This followed a 0.3% rise in May.

The producer price index fell 0.8%, contracting for the 21st straight month.