Thursday , July 29 2021

Oil runs a mixture between rising U.S. inventories and OPEC statements



Oil prices Record a mixed trend in the long-held days in the United States and whether operators are waiting for more signals from OPEC, then the group will reduce the production next month and increase the number of crude inventories. The United States is at its highest level since December.

Benchmark Brent, which traded at Intercontinental Petroleum Exchange (ICE), gained 0.17 per cent to $ 63.59 a barrel. London

As part of this, electronic trading of WTI Light Crude dropped by 0.2 percent on the New York Mercantile Exchange.

After a surge of 2.3 percent on Wednesday, there was a slight change in futures in New York, compared to some losses earlier this week.

According to government figures on Wednesday, it is expected that OPEC will address the overview, which is just US. Crude inventories have increased for the ninth week, the biggest gain since March 2017.

US crude inventories increased 4.9 million barrels last week to 446.91 million barrels, the highest level since December 2017, the government's Energy Information Administration (EIA) reported on Wednesday.

Crude oil production in the United States is a record 11.7 million barrels per day.

Crude bear entered the market this month due to concerns over the overview. When traders use Iranian oil to distribute some nations to the US When expects to return to market under the exemption, when the petroleum exporting countries and its allies' organization finds next month, they will find ways to strike the strike.

Opaque is worried about the extraction of additional items that can reduce further prices. But OPEC, Saudi Arabia's largest exporter, is also forced by the United States to stop rising prices.

The weakness of Asian markets has also affected the oil market, as investors worry about slowdown in global growth in the United States and increasing interest rates in business tensions.

To increase supplies, OPEC is analyzing the contract for reducing production when it arrives on December 6, although Iran, a major cartel member, expects to stop any voluntary cuts. Agency, a partner, Russia, has not shown signs to join any cut.

Australian investment analyst William O. Loughlin says that Saudi Arabia has indicated a unilateral cut but should be careful about not disrupting the United States, because President Donald Trump has expressed a desire to cut oil prices. Revive Securities

With Reuters, Notimex and Bloomberg information.


Source link