On track to have its longest winning streak since March, West Texas Intermediate increased for a fifth day, moving closer to $82 a barrel. According to the industry-funded American Petroleum Institute, US stockpiles decreased by 11.5 million barrels. That would be the sixth decline in seven weeks, if official data released later on Wednesday confirms it.
According to Agence-France Presse, which reported gunshots in the country’s capital Libreville, troops in Gabon stated on local television that they had cancelled elections and disbanded important institutions in the OPEC member. There were no reports of disruptions in the production or export of crude.
Crude oil prices have remained more stable in August, remaining at about $80 per barrel after a strong increase throughout July. Indicating a lack of recent significant market movements, trading volumes were below normal on Wednesday and market volatility for US crude futures is at its lowest level since 2020.
Keshav Lohiya, the founder of the consultancy Oilytics, stated in a note that “oil markets are very quiet,” adding that crude has been supported by positive inventory data and recent strength in wider markets.