Photo: Reuters (archived photo)
Decrease in US oil reserves exceeded forecasts
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US crude oil inventories fell to 445.5 million barrels, the lowest level since February 2020.
World benchmark oil prices rise moderately on data on declining US oil and fuel inventories. This is evidenced by the trading data on Friday, July 9.
Thus, September futures for Brent on the London ICE Futures exchange rose by $ 0.71 (0.96%) to $ 74.83 per barrel.
The cost of a WTI futures for August at the electronic session on the New York Mercantile Exchange (NYMEX) rose by $ 0.82 (1.12%) – to $ 73.76 per barrel.
Now the spread between the current contracts for Brent and WTI is $ 1.06 in favor of Brent.
On the eve it became known about a decrease in oil and gasoline reserves in the United States. At the same time, the demand for gasoline reached its highest level since 2019, the Energy Information Administration of the US Department of Energy (EIA) said, which indicates the strengthening of the country’s economy.
Crude oil inventories last week fell by 6.9 million barrels in the United States – to 445.5 million barrels – the lowest level since February 2020. At the same time, it was expected that the fall would be 4 million barrels. Gasoline inventories fell 6.1 million barrels, surpassing the 2.2 million barrels forecast drop.
Earlier this week oil price fell below $ 73 per barrel… This happened against the backdrop of uncertainty about the prospects for oil production in the world due to disagreements between the parties to the OPEC + agreement.
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