The sell-off in the oil markets was triggered by U.S. debt downgrade.

Crude Inventories Decline By 17 Million Barrels

10:49am, Wednesday, 02'nd Aug 2023
Oil markets are moving lower as traders take some profits off the table after the recent rally.
Oil needs to pullback. We are starting to see a little bit of hesitation, so now it is a matter of waiting for value.
Oil futures rose Tuesday, lifted after industry data showed a huge drop in U.S. crude inventories last week, signaling strong demand.
Some banks say Brent could rise toward $100 a barrel, as the economic outlook improves and supply cuts start to bite.
Crude oil prices surged nearly 1%, hitting their highest level since April, as robust demand from the US offset demand concerns in other regions.
Oil prices rose more than 1% on Wednesday, trading near their highest since April, after industry data showed a much steeper-than-expected draw last week in crude oil inventories in the U.S., the worl
Brent oil climbed back above the $85.00 level, while WTI oil moved closer to the $82.00 level.
Crude oil markets have pulled back just a bit during the trading session on Tuesday, but it does not look like some type of major trend change.
Crude oil prices remain steady, supported by tightening global supply and strong demand in the US, near a three-month high.
Oil price were little changed on Tuesday, trading near a three-month high reached on Monday, on signs of tightening global supply as producers implement output cuts and strong demand in the United Sta
Crude continues to try to break out, showing signs of pressure yet again on Monday.
Oil futures rose early Monday, with both Brent and West Texas Intermediate crude on track for big monthly advances following strong economic data.
Oil prices hover near 3-month highs, set for biggest gain in a year as Saudi Arabia's output cuts continue into September, tightening global supply.
Oil prices hovered near three-month highs on Monday, set to post their biggest monthly gains in over a year on expectations that Saudi Arabia would extend voluntary output cuts into September and tigh
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