Crude Oil Prices Hold Steady on August 13

Oil prices were largely unchanged on Wednesday after falling in the prior session, following data that showed U.S. crude inventories rose last week. The increase signalled that the end of the seasonal summer demand period is approaching.

Brent crude futures inched up by 3 cents to $66.15 per barrel at 0102 GMT, after a 0.8% drop in the previous session. U.S. West Texas Intermediate (WTI) crude futures slipped 3 cents to $63.14, extending the prior 1.2% decline.

U.S. Inventory Data Signals Demand Shift

As per news reports, citing American Petroleum Institute (API) figures, reported that U.S. crude stockpiles increased by 1.52 million barrels last week. Gasoline inventories fell, while distillate inventories rose slightly. This stock build is viewed as an indicator that peak summer fuel demand is winding down.

Production Outlook Pressures Prices

Outlooks from OPEC and the U.S. Energy Information Administration (EIA) released on Tuesday pointed to higher oil production in 2025, putting downward pressure on prices.

The EIA projected that U.S. crude production will hit a record 13.41 million barrels per day in 2025, driven by improved well productivity. However, lower oil prices are expected to cause output to decline in 2026. OPEC’s report forecasted global oil demand to rise by 1.38 million bpd in 2026, revising the figure upward by 100,000 bpd from its previous outlook, while keeping the 2025 forecast unchanged.

Geopolitical Developments in Focus

The White House tempered expectations for a quick Russia-Ukraine ceasefire, which could delay any easing of sanctions on Russian oil supply, a factor that has been supporting prices. U.S. President Donald Trump and Russian President Vladimir Putin are scheduled to meet in Alaska on Friday.

Also Read: Best Oil and Gas Stocks in India in August 2025!

Conclusion

Oil markets remain caught between rising U.S. inventories and cautious geopolitical optimism. While supply growth forecasts weigh on sentiment, potential geopolitical breakthroughs could quickly shift market direction.

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