Oil prices rise on optimistic US demand outlook

Oil positive after EIA weekly report shows crude inventories fell 6 mln barrels last week

Oil prices rose today, Aug. 21, supported by signs of a strong demand in the United States, as well as uncertainty over efforts to end the war in Ukraine.

Brent crude was trading up 0.35% at $67.09 a barrel, at 08:05 am Makkah time. West Texas Intermediate (WTI) crude rose 0.45% to $63 a barrel.

US crude inventories fell by 6 million barrels last week, exceeding expectations for a 1.8 million-barrel decline, while gasoline inventories fell by 2.7 million barrels, indicating resilient demand during the summer travel season.

Markets are awaiting the release of purchasing managers' index (PMI) data for the services and manufacturing sectors in the US, the Eurozone, and the UK, which will provide insights into the outlook for energy demand in the world's major economies.