Oil prices continue strengthening on possible decline in US oil reserves

Posted 31 July, 2019

On Wednesday, the benchmark brands have increased at Asian trading. The increase is reportedly driven by the signs of lower oil reserves week-on-week in the USA.

Brent oil in September Futures on London ICE Futures rose in price to $65.15/bbl, while yesterday it was quoted at $64.72/bbl by the end of trading. WTI benchmark was priced for September on NYMEX at $58.30/bbl ($58.05/bbl earlier).

The American Petroleum Institute has reported a decline in US oil reserves by 6.02 million bbl over the past week. If the Energy Department confirms the decline in its official report to be released today, the market will face the seventh drop in a row.

At the same time, the market experts surveyed by the mainstream media believe that the official figures will be less serious reaching some 2.75 million bbl.

Another point of the market interest is the situation in the Middle Eastern region. In particular, the tensions between Iran and the USA created threats for safety crossing the Strait of Hormuz. 

For reference, the conflict between the countries escalated after Washington took stricter measures against Tehran.

The authorities of Gibraltar arrested Grace 1 tanker. Its crew is suspected in shipping Iranian oil to Syria avoiding the EU sanctions. Iran in its turn arrested a UK tanker.

After that, the USA and UK sent warships to escort vessels in the strait. 

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