WTI Crude Oil Price Declines Below $82.50 Amid Inventory Build

The price of West Texas Intermediate (WTI) crude oil declined below $82.50 on Thursday, following a larger-than-expected build in US crude oil inventories. According to the US Energy Information Administration (EIA), crude oil stockpiles jumped by 17.422 million barrels for the week ending August 7, compared to an increase of 2.479 million barrels in the previous week.

The market consensus was for a decline of 1.4 million barrels. The surge in inventories has cast a bearish outlook on WTI, with the price capped beneath the 100-day Simple Moving Average (SMA) at $86.67.

Talks between the US and Iran appear deadlocked, with both sides hardening their positions. A senior Iranian official stated that there had been no progress in talks to revive the interim deal agreed in June and define a time frame to implement it.