Crude oil is stable at the New York Fuel Exchange – close to $ 73 a barrel. Brokers say the decline in U.S. and Chinese gas stocks is contributing to the tightening of the situation in fuel markets.
West Texas Intermediate crude cost $ 73.19 a barrel, up 0.15 percent on August delivery at the NYMEX Fuel Exchange in New York.
Brent crude for August delivery at ICE Futures Europe Fuel Exchange in London was $ 75.31 a barrel, up 0.16 percent.
U.S. crude oil supplies fell 7.61 million barrels, or 0.9 percent, last week, according to an official report from the US Department of Energy (DoE). Up to 459.1 million barrels.
This is the fifth week in a row of stocks and the longest streak since January.
Analysts expect a 3.5 million barrel drop in crude oil inventory.
Petrol cargo fell 2.93 million barrels, or 1.2 percent. Up to 240 million barrels.
In China, oil supplies have fallen to their lowest level this year, according to data from Kairos.
Analysts point out that some turmoil in fuel markets is possible in the future – technical indicators indicate that oil prices may rise too high and in the short term.
Meanwhile, investors are looking forward to next week’s meeting of OPEC + nations, which will decide their oil supply policy in the coming weeks.
“The current tightening of fuel markets is enough to offset the increase in oil production from OPEC +,” says strategist Daily FX Margaret Yang.
“Any increase in oil supply from this alliance should be very slow and gradual,” he adds.
Meanwhile, US negotiators are preparing for the 7th round of talks with Iran, in which they are indirectly involved in the revival of the 2015 nuclear deal with Tehran.
The withdrawal of Iranian raw materials to the stock markets may be delayed because Iran’s nuclear talks with world powers over the renewal of the 2015 agreement could be extended and exceed the August deadline.
To date, analysts say progress in world power negotiations with Iran has been slow and “complex.”
At the end of the previous session, WTI gained 0.3 percent in NYMEX and Brent gained 0.5 percent in ICE. And higher cost at the end of the session (BAP Business) from October 2018 onwards
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