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Today, the WTI crude oil for August delivery closed at $ 67.34 per barrel.
The September Month Brent crude contract was last seen trading below $ 69.24 per barrel, below $ 69.24 per barrel.
In a significant development, the European Union has reached an agreement in the 18th round of sanctions against Russia on its aggression in Ukraine.
The package proposes a ban on transactions with the Nord stream gas pipelines, and the European Union wants to reduce the G7 price cap on Russia’s crude oil from $ 60 to $ 47.60 per barrel.
These restrictions can give a shock to Russia’s oil and energy industries when implemented.
Earlier this week, US President Donald Trump threatened restrictions on buyers of Russian oil exports if Russian President Vladimir Putin does not reach a peace agreement with Ukraine in 50 days.
After Thursday drone attacks on oil areas in the Kurdistan region of Iraq by Iran -backed militia, oil production in the region allegedly slipped between 140,000 and 150,000 barrels per day – the general production of more than half of the area of about 280,000 BPD.
In its monthly oil report released on 15 July, OPEC+ presented its demand hike forecast for the present and 13 million BPD globally next year.
According to a report by Baker Hughes, the total number of rigs active in the US has increased 7 to 544 rigs this week. In the increase, the benefit of 9 gas rigs falls to 117 and oil leakage falls from 2 to 422. American crude oil production is submerged for the third consecutive week.
On the economic front, the data showed strong-to-intake retail sales and at least early unemployed claims, which soon reduces the expectations of the interest rate cut by the Federal Reserve.
Being a dollar-communal item, Fed’s decision may affect oil trade as the US dollar reacts.
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