Today, Wednesday, oil prices for the international benchmark, Brent, were 100. 21 dollars per barrel, while US West Texas Intermediate crude futures contracts were 94. 08 dollars per barrel.
According to Reuters, Brent crude will average $105.75 per barrel this year, while US crude will average $101.28 per barrel.
Brent and WTI finished last month with losses for the second month in a row, for the first time since 2020.
Oil prices plummeted on expectations that inflation and rising interest rates would induce an economic slump, reducing demand for black gold.
According to data from the US Department of Energy, crude oil supplies in the US Strategic Petroleum Reserve decreased by 4. 6 million barrels in the week ending July 29.
Crude stockpiles in the strategic petroleum reserve decreased to 469.9 million barrels, the lowest level since May 1985, according to the statistics.
And last week’s withdrawal from oil reserves, totaling 4. 6 million barrels, was the fewest since the end of April.
Oil prices soared dramatically following the commencement of Russian military activities in February, causing an unprecedented increase in inflation in several nations throughout the world.
Brent crude was priced at $100.21, while US crude was priced at $94.08.
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