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Today, the WTI crude oil settled at $ 65.25 per barrel from $ 0.06 for September delivery.
The September Month Brent crude contract was last seen trading below $ 0.08, which was $ 68.51 per barrel.
The data provided by the APIs showed that the US crude oil inventions have declined by 577,000 barrels for the week ending July 18, which reverse the last week’s downwardly revised 840,000-market build.
Separate, the Petroleum Status report by the US EIA revealed that for the week ended July 18, the invention of crude oil in the US fell from 3.169 million barrels, gasoline stock fell 1.738 million barrels, and increased 2.9 million barrels in fueling invention (including heating oil and diesel).
In 419 million barrels, the US crude inventory is about 9% below an average of five years for this time of the year.
For countries, to signing a trade deal with the US with the August 1 deadline or to face strict tariffs, investors are focused on ongoing business talks and signing deals. US President Donald Trump announced that a tariff structure with Japan and the Philippines has been finalized. A tight tariff regime will compete globally inflation and reduce the demand for oil and energy.
Trump’s 50-day time limit for Trump’s Russia has reduced immediate concerns over the shock of supply to prevent its Ukrainian invasion and thus avoid tariffs. There are no signs to accept Russia yet. India and China jointly import and rely on more than 3.5 million barrels per day of Russian crude. Secondary restrictions on Russia can potentially disrupt oil trade.
Despite the recent consensus of OPEC+, about 10 days ago, to speed up the rollback of production, to raise the output by 5,48,000 BPD, the prices are only moderately softened.
Tariffs, OPEC+ Cartel’s policy optimization, Russian reaction to American restrictions, and geopolitical risk may indicate the way of running the price of oil in the coming weeks.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
