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Crude oil futures settle slightly higher on Wednesday

16 Jul 2026 Evaluate

Crude oil futures settled slightly higher on Wednesday amid lingering supply concerns over disruptions to shipping traffic through the Strait of Hormuz. Meanwhile, the U.S. Energy Information Administration (EIA) reported that U.S. crude oil inventories fell by 1.693 million barrels for the week ended July 10, reversing the previous week's build of 2.998 million barrels.

Benchmark crude oil futures for August delivery increased by $0.26 or 0.33% to settle at $79.60 a barrel on the New York Mercantile Exchange. Brent crude for September delivery gained by $0.22 or 0.26% to settle at $84.95 a barrel on the New York Mercantile Exchange. 


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