The oil price soared after the incident in the Strait of Hormuz

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The price of Brent crude on Thursday July 11 is increased relative to the previous close of 0.2% to 67.12 USD per barrel.
The market of “black gold” in the morning updated its maximum since the end of may in the area of 67.6 per barrel, then a few slipped in the correction, remaining in the black.
Support to oil quotations was rendered alarming reports about another incident in the Strait of Hormuz. According to American sources, 5 small ships allegedly owned by Iran, close to Persian Gulf, the British oil tanker and demanded to stay close to Iranian territorial waters. However, the frigate escorts of the Royal Navy HMS Montrose was issued a verbal warning, supposedly, the Iranians, calling on miss the ship on which they agreed. Iran denies belonging to the country involved in the incident vehicles.
In addition, at the hands of “bulls” played by the information Bureau of Safety and Environmental Enforcement, BSEE that the oil companies, the U.S. has reduced oil production in the Gulf of Mexico by 31.9% due to the tropical storm that could develop into a storm.
Meanwhile, OPEC in June, exceeded its commitments under the agreement OPEC+, 22%, reducing the oil production on a monthly basis by 68 thousand barrels per day to 29.83 million barrels per day.
At the same time, commercial stocks of oil and oil products in OECD countries in may increased by 41.5 million barrels in the month and on 96,8 million year on year to 2,925 billion barrels. This is 25 million barrels higher than the five-year average value, which is the purpose of OPEC+ in the transaction.
Experts expect an increase in OPEC oil demand in the world in 2020, the same as this year, 1.14 million barrels per day above the psychologically important 100 million barrels per day.
Valery Polkhovsky,
Financial scout,
Forex Club