Houstan August 3 2022: Oil prices slid 3% on Wednesday as U.S. crude and gasoline stockpiles unexpectedly surged higher last week and after OPEC+ said it would raise its oil output target by only 100,000 barrels per day (bpd).
Brent crude futures were down $2.95, or 2.93%, at $97.59 a barrel by 12:24 a.m. ET (1624 GMT). West Texas Intermediate (WTI) crude futures slipped by $3.02, or 3.2%, to $91.40. Both contracts had seesawed previously.
The premium for front-month Brent futures over barrels loading in six months’ time is at a three-month low, indicating concern over tight supply are abating. The premium for WTI futures for the same months touched a near four-month low.