On Wednesday, August 24, 2022, oil prices closed higher. They were boosted by the sharper than expected fall in American stocks, as well as the prospect of a possible drop in OPEC production.

The price per barrel of American West Texas Intermediate (WTI) for delivery in October rose 1.22% to 94.89 dollars, while that of Brent from the North Sea for delivery in October closed at $101.22, up 0.99%. Indeed, the publication of the status of American oil stocks by the American Energy Information Agency (EIA) has elicited reactions from operators. They reacted to the publication in two steps. First, they were sensitive to keeping fuel reserves at a virtually unchanged level (-100,000 barrels), but analysts predicted a drop of 1.5 million barrels over the week. Analysts expected a fall of 2.5 million, but during the week ending August 19, commercial stocks contracted by 3.3 million barrels.