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LONDON – Crude prices regained ground on Tuesday in the United States and London, as increased tension between the United States and Iran increased oil prices. Supply risks, while escalating Trade disputes have heightened the prospects for a slowdown in economic growth and, perhaps, lower energy demand.
At 9:00 am local time in Mexico, Brent crude rose 0.55% to $ 73.47 a barrel traded on the ICE futures market in London.
WTI Barrel for September delivery earns 0.5% and trade at $ 68.28 on the New York Mercantile Exchange.
Both referents fell this month due to the increase in the Russian supply, Saudi Arabia and other members of the Organization of Exporting Countries of oil (OPEC) and the reduction of unforeseen production interruptions.
Market sentiment has been fueled by geopolitical concerns: fears of supply disruptions due to clashes in the Middle East or the effects that Washington's trade disputes with its major trading partners may have on the market. global growth.
Iran, the third largest producer of OPEC with a pumping of 3.75 million barrels a day, is under increasing pressure from the government of President Donald Trump, who wants all countries to stop their imports of Iranian crude from November.
However, Saudi Arabia and other major producers increase their production to compensate for the foreseeable future losses when the deadline is reached.
Meanwhile, crude inventories in the United States at the time of delivery of futures in Cushing, Oklahoma, rose in four days until Friday, according to Genscape, according to operators. On a weekly basis, these stocks are expected to fall for the tenth week in a row, they added.
A Reuters poll estimated Monday that crude inventories in the United States would have fallen by about 3.2 million barrels last week, after rising the previous week.
With information from Reuters and Notimex.
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