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Market & Economic Intelligence Platform Insight on Macro, Commodities, Equities & Policy

21 August 2025 07:05  |

Oil Holds Gain After Biggest Drop in US Stockpiles in Two Months

Oil held a gain after US crude stockpiles shrunk the most since mid-June, keeping inventories well below the seasonal average.

West Texas Intermediate traded near $63 a barrel after rising more than 1% on Wednesday. Brent closed below $67. Nationwide holdings dropped by 6 million barrels last week, according to the Energy Information Administration. Gasoline stockpiles also declined for a fifth straight week.

Oil is still down more than 10% this year on concerns about the fallout from US trade policies and as OPEC+ returns idled production, raising expectations for a glut once peak summer demand ends. Traders are also keeping an eye on progress toward a ceasefire for the war in Ukraine.

Source: Bloomberg

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