Oil On The Boil

Oil On The Boil Last week, oil prices dipped as some investors cashed in on the July rally. Tightening global supplies boosted prices, but concerns arose as China’s economic troubles impacted the crude oil market. On the bright side, the IEA believes oil demand will depend on China’s growth, potentially tightening oil markets in H2. US WTI crude futures rose 1% to $82.20/barrel, driven by potential output cuts from Saudi Arabia and Russia, geopolitical tensions, optimistic view about the US economy and API report suggests US oil stocks fell by 15M barrels. Subscribe now to UpTrendPicks.com for market insights.