Oil stable after falling to lowest levels since February

Oil drilling rigs

Oil prices were stable today, Aug. 4, amid concerns about a lack of supply, following the data on US oil stocks and the OPEC+ decision on production levels.

International benchmark Brent crude was trading at $96.68 per barrel, at 9:13 am Makkah time.

West Texas Intermediate (WTI) crude was at $90.59 a barrel.

The Energy Information Administration announced that US crude oil stocks rose unexpectedly last week as exports fell and refineries cut inflows, while gasoline stocks also recorded a surprise increase as demand slowed.

However, the Caspian Pipeline Consortium – which connects Kazakhstan's oil fields to Russia's Novorossiysk port on the Black Sea – said supplies have fallen significantly, supporting oil prices slightly during today’s trading.