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Oil Continues to Struggle for Direction

M. Ali 20 August, 2020 12:30 am Commodities, Market Update

Oil prices closed lower on Wednesday after data showed a decline in the US crude inventories, which came below market expectations.

Brent crude futures for October delivery declined by 9 cents, or 0.2%, and settled at $45.37 per barrel.

Meanwhile, the West Texas Intermediate (WTI) futures for September delivery rose by 4 cents, or 0.1%, and finished at $42.93 per barrel.

Earlier, data by the U.S. Energy Information Administration (EIA) showed a decline in the US crude oil stockpiles by of 1.6 million barrels last week to a total of 512.5 million barrels.

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