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Oil prices continue to rise amid a reduction in reserves in the United States

July, 18 2024
watermark Economic news

Oil prices continue to rise, supported by data on the reduction of fuel reserves in the United States for the third week in a row. Such a long period of inventory decline was last recorded in September last year. 


Commercial oil reserves in the United States decreased by 4.87 million barrels last week. Gasoline reserves increased by 3.33 million barrels, distillates – by 3.45 million barrels. Experts expected an increase in oil reserves by 0.8 million barrels, as well as a reduction in gasoline reserves by 1.7 million barrels, distillates by 0.5 million barrels.


An additional impetus to the price increase was provided by statements from representatives of the Federal Reserve System, which increased expectations of a reduction in the base rate in September. Such a decision by the American Central Bank is expected to boost economic growth and, accordingly, increase demand for energy resources.


September Brent futures rose to $85.80 per barrel. North American WTI crude is trading near $82.25.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.