Oil Futures Edge Higher as EIA Report Shows Product Draws

Oil prices recovered modestly after U.S. government inventory figures showed draws across several refined products. In early trading on 6 August, ICE Brent futures gained 1.1% while NYMEX West Texas Intermediate added 0.8%. U.S. gasoline and diesel futures advanced 1.3% and 2.0%, respectively, following the release of the Energy Information Administration’s weekly petroleum status report. The rebound followed a slide during the previous session. On 5 August, NYMEX WTI for September delivery settled at $65.16 a barrel, down $1.13, or 1.7%, while Brent closed at $67.64, a decline of $1.12, or 1.6%. Traders attributed the earlier weakness to concerns about softening global demand before the EIA data provided fresh evidence of tightening supplies.