Oil Prices Slipping for 2nd Straight Session
08.25.2023 By Tank Terminals - NEWS

August 25, 2023 [Barron’s]- The U.S. crude futures front-month contract for September delivery that expires this afternoon slips 0.3% to $80.45 a barrel, while the soon-to-be-front-month October contract slides below the $80 mark, down 0.4% at $79.83.

 

A retreat today would mark the second straight loss for WTI.

The price declines come as some analysts are expecting this week’s EIA inventory data, due tomorrow, will show a bearish, week-on-week increase in US crude-oil inventories as China slows down its imports just as US refineries move toward fall maintenance season and thus slow down their crude intake rate.

Brent crude also slips, down 0.5% at $84.04.

 

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