Oil: inventory Report in the US pushed prices up to $ 67
The reduction of oil reserves in the United States has had a positive impact on the oil quotes. According to the energy information Administration, the reserves decreased by 9.5 million barrels per day. Tensions in the middle East also supported prices, although the attack on the tanker and the UAV responded to Iranian aggression by Europe and the United States.
Another positive factor can be called the oncoming storm in the Gulf of Mexico, because thanks to him stopped working oil rigs.
As we can see, all of the above is temporary, except for the events in the middle East. The focus of major market participants confined to a trade war between the US and China. If the baseline scenario made by the OPEC+, continues, oil prices will remain stable. USA and China continue to negotiate. Many market participants expect a positive outcome a trade war, but fears that demand will fall, is still there.
World stock markets have also begun amid hints from the head of the fed Jerome Powell on the possible reduction of the key interest rate. This suggests that large investors have re-emerged appetite for risky assets. Interest increased in the futures contracts on oil.
General background generally positive for the oil market. In the short term prices will rise to $68,00 per barrel of Brent crude to $61,64 per barrel WTI.
“International financial center”