Oil prices stabilized during trading on Wednesday, after falling more than 7% in yesterday's session, driven by fears of a decline in demand in light of expectations of a rise in US crude stocks.
The American Petroleum Institute's estimates, issued on Tuesday, showed that oil stocks rose by 4.8 million barrels for the week ending on July 8, while investors are awaiting the release of official data from the Information Administration. US energy later today with expectations of a 1.4 million barrel increase in inventories.
OPEC had expected in a monthly report issued yesterday, the rise in global demand for oil in 2023, which increases the need to provide an additional 900,000 barrels of oil from Its members in 2023 to balance the market.
On the other hand, the US Energy Information Administration lowered its forecast for average oil supply to 12.8 million barrels per day in 2023, down 1.5% from its June estimate, but higher than This year's forecast is 11.9 million barrels per day.
In terms of trading today, Brent crude futures for September delivery settled at $99.39 a barrel, and US crude futures for August delivery settled at $95.79 a barrel.
