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Crude oil slightly weaker on Thursday

The oil price was slightly weaker on Thursday evening Asia time. U.S. crude oil inventories have declined further than previously expected.

Brent crude oil was up 12 cents, or 0.2%, at 10:05 p.m. ET by 12 cents, or 0.2%, to $75.00 a barrel, after rising 2.5% the previous day.

WTI crude oil rose 14 cents, or 0.2%, to $72.02 after gaining 3.1% on Wednesday.

Refineries and offshore oil facilities in the Gulf continue to recover from the effects of Hurricane Ida but still, 30% of production capacity is out of service. As a result, U.S. crude oil inventories fell sharply last week. According to the Energy Information Administration (EIA), crude oil inventories fell by 6.422 million barrels.

U.S. oil companies in the Gulf of Mexico are trying to quickly restore oil production. After Storm Nicholas passed through, the companies were able to get back to repairing the damage caused by Hurricane Ida.

The number of initial jobless claims rose again in August. At 332k, the number of jobless claims exceeded expectations of 330k. First opinions that the economic recovery is still on shaky legs are multiplying. Fed Chairman Jerome Powell made it clear at the last Fed meeting in Jackson Hole that he would not change monetary policy until labor market data pointed to a clear recovery.

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