Oil market extended gains following US inventory report

International benchmarks for crude oil settled higher on Wednesday, 24 August 2022 after a report from the EIA showed a 3.3 million drop in US commercial crude stocks last week despite the large release of more than 8 million barrels from the Strategic Petroleum Reserve. Investors are also concerned that the Iran nuclear accord might not be revived any time soon.

Brent settled $1 higher at $101.22/barrel. 

WTI gained $1.15 to close at $94.89/barrel.