Oil prices dipped slightly on Wednesday morning after an inventory build countered supply concerns
Crude oil price s dipped today, after the latest oil inventory report from the API showed a build, alleviating concern about the state of global supply. In the prior session, crude oil had managed to recoup some of the losses it suffered on Monday amid the stock market meltdown. The American Petroleum Institute reported an oil inventory build of a modest 180,000 barrels for the week to August 2.
Meanwhile, concern about demand continues to weigh on prices, while the geopolitical premium from growing tensions in the Middle East remains muted for the time being. “Sentiment in financial markets has steadied and crude has stopped sliding, but it feels like a tentative bottom,” VandanaHari, founder of Vanda Insights, told Bloomberg. “Oil market participants are keeping a close eye on rising tensions in the Mideast but not pricing in any supply risk premium.
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