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- Oil prices are under pressure amid a mixed report
Oil prices are under pressure amid a mixed report
West Texas Intermediate futures for September delivery slid to $45.14 (-0.02%), while Brent crude climbed to $49.71 (+0.24%). Investors remained focused on oversupply concerns after the Energy Information Administration published its report on Wednesday. On one hand, U.S. crude stockpiles fell 4.4 million barrels in the week through July 31, pointing to strong demand. On the other hand, U.S. production rose by 52,000 barrels per day to 9.5 million barrels per day.
A stronger greenback makes this dollar-denominated commodity more expensive for importers.
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