Oil holds gain after biggest drop in US stockpiles in two months
Published on 21/08/2025 06:27 AM
Oil holds gain after biggest drop in US stockpiles in two monthsWest Texas Intermediate traded near $63 a barrel after rising more than 1% on Wednesday. Brent closed below $67.By Bloomberg August 21, 2025, 6:27:29 AM IST (Published)1 Min ReadOil 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.
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