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Crude prices opened higher on Wednesday, after four sessions of losses, due to falling US crude inventories and supply risks from Canadian wildfires which led to production cuts, heightening supply concerns.
The American Petroleum Institute (API) reported a 3.9-million-barrel drop in US crude inventories for the week ending July 19, exceeding market expectations and marking the fourth consecutive week of declines, reaching 19.4 million barrels. Gasoline, distillate, and Cushing inventories also fell by 2.8 million, 1.5 million, and 1.6 million barrels, respectively.
Meanwhile, the US Department of Energy reported a 0.7-million-barrel increase in the Strategic Petroleum Reserve, bringing it to 374.4 million barrels, the highest since December 2022.
The market remains sensitive to inventory and geopolitical issues, as well as economic slowdown concerns in China. While supply concerns suggest upward pressure on crude prices, the economic slowdown in China might moderate this impact.
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