Oil prices showed minimal change with Brent crude at $67.16 per barrel and West Texas Intermediate at $65.44. An anticipated increase in oil supply from major suppliers in August coincides with a weaker dollar and mixed economic indicators from the US. The American Petroleum Institute reported a rise in US crude stockpiles by 680,000 barrels last week, deviating from typical summer inventory trends. Factors influencing oil price movements include OPEC+ supply dynamics, US inventory fluctuations, geopolitical uncertainty, and macroeconomic policy decisions.
Today's oil price moves are being pushed by the interplay of potentially rising OPEC+ supply, confusing US inventory signals, uncertain geopolitical outlook, and macro-policy ambiguity.
Data from the American Petroleum Institute shows that US crude stockpiles increased by 680,000 barrels last week which surprised traders as normally in the summer months inventories typically are lower.
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