Oil prices have slightly raised on this Wednesday, expecting low U.S. oil stocks. Consequently, the oil market is expected to remain tight as the supply side will continue low inventories.
Consequently, for August, Brent crude futures have risen by 21 cents or 0.2 per cent to $120.79 a barrel. This was the highest rate since May 31.
Last week, U.S. crude inventories were run out of stock, however, gasoline and distillates stocks were higher.
Accordingly, the World Bank dropped its global growth forecast for 2022 warning that the Russia-Ukraine war and COVID-19 pandemic have worsened the situation. Of this, many countries are facing a decline in the economy.
However, crude oil prices were expecting changes in the market. Initially, the oil price went negative in April 2020 during Covid times, but was steady and went up in 2021. And now in 2022, due to the unexpected situations occurring like war with pandemic has made over 100$ per barrel.
