WSJ DOW 8/18/22

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WSJ DOW 8/18/22

DJ Oil Prices Extend Gains on Drop in US Inventories — Market Talk

0815 ET – WTI oil prices rise 1% to $88.98 a barrel after a weekly EIA report yesterday showed US crude and gasoline inventories dropped by a combined 11.7 million barrels, and gasoline demand increased. “Crude oil is adding to yesterday’s gains as a big drawdown in inventories took the market by surprise,” Spartan Capital’s Peter Cardillo says in a research note. “However, we reiterate, oil prices are poised to move lower as the technical factors remain weak, and the fact that a U.S. – Iranian nuclear deal is nearing.”