WTI Crude Oil Prices

WTI crude oil prices averaged USD 83.90 per barrel in August, up 4.9% from July. On 31 August, the commodity traded at USD 87.03 per barrel, up 1.0% from 31 July.

WTI prices rose above Brent prices for the first time in nearly 10 years in June, as U.S. inventories fell to 7% below the seasonal norm. However, WTI prices again traded at a discount in July and August. In the four weeks to 26 August, U.S. crude inventories rose a whopping 25.8 million barrels (mb) vs market expectations of a 1.4 mb draw, as imports surged and exports faltered. Still, WTI prices rose from the prior month, as the U.S.-Iran ceasefire expired, promising fresh global supply disruptions.