Oil gains over 1% supported by US inventory data

20/08/2025 Argaam
EIA weekly report on US crude inventories is scheduled for release today

EIA weekly report on US crude inventories is scheduled for release today

Oil prices extended gains at the close of trading today, Aug. 20, as US inventory data showed strong demand in the world's largest economy.

 

Brent crude rose 1.6%, or $1.05, to $66.84 a barrel at the end of trading. WTI crude added 1.4%, or 86 cents, to $63.21 a barrel.

 

According to data from the Energy Information Administration today, US oil inventories fell by six million barrels during the week ended Aug. 15, compared to expectations of a 1.5 million barrel decline.

 

Informed sources told Reuters that Indian state-owned companies Indian Oil and Bharat Petroleum have resumed purchasing Russian oil, after halting them in July due to shrinking discounts and US government criticism.

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