WTI Oil Ends Moderately Lower in Steady Trading

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WTI Oil Ends Moderately Lower in Steady Trading

US benchmark oil prices finish the session 0.6% lower at $82.12 a barrel after rallying nearly 6% higher over the past two sessions. “Crude oil prices are holding steady as the market consolidates its gains, suggesting a continuation of the rally is on the horizon, with a near term target of $85,” says Peter Cardillo at Spartan Capital. Prices closed at a nine-week-high yesterday amid tight supplies globally and in the US where crude oil inventories have fallen to their lowest levels since 2018. For tomorrow, markets will be watching for the Baker Hughes rig-count report at 1pm ET.