Crude Oil futures went up a little in the mid-morning trading session in Asia on August 12, 2021, but a mixed report from the U.S. EIA and asks for an increase of OPEC+ supply from the White House restricted the market’s upward potential.
At 0338 GMT, the ICE October Brent futures deal was up by 0.15% or by 11 cents/b from the earlier close at USD71.55/b as the NYMEX September light sweet crude deal was also up by 0.16% or 11 cents/b at USD69.36/b.
U.S. Labor Department data showed that the increase in the central U.S. Consumer Price Index in July was both lesser than the projections in June. Core CPI increased by 0.3% in July, just lesser than market projections of 0.4% and evidently below the 0.9% soar witnessed in June. The U.S. dollar index was being traded at 92.90 at 11:28 am Singapore time, lower by 0.167% from the August 10 close. Assets like Oil are more striking to buyers having hold of foreign currency and thus increase their demand.
In the meantime, the weekly EIA report published on August 11 implied that net U.S. crude commercial stocks decreasing reached to 438.78 million barrels which were at 450,000 barrels in the week ended August 6. The projection accounted by the EIA came in short of the 600,000-barrel pull anticipated by researchers surveyed by S&P Global Platts and was also lesser than the 816,000 barrel draw accounted by the API a day earlier.