United States Shredder Oil Reserves, Highest WTI since November 2014

Bisnis.com, JAKARTA – US crude oil prices closed at their highest level in 3.5 years on Thursday (28/6/2018) in Due to Impairment of Oil Reserves (19659003) West Texas Intermediate crude for August delivery closed up 1% or 0.69 point to a level as low as $ 73.45 per barrel on the New York Mercantile Exchange, a highest level since November 2014.

Meanwhile, Brent oil futures for the August contract rose 0.23 point, or 0.3%, to 77%. $ 85 per barrel on the London-based ICE Futures Europe Exchange. The global benchmark exchange traded at US $ 4.40 against the WTI contract of August

Bloomberg Reduced US oil reserves add to worries on supply constraints in Canada, Iran, Venezuela and North Africa. Oil reserves in the largest US hub in Cushing, Oklahoma, fell more than 8% last week, the biggest drop since early February.

"There is a very big and almost incredible fall in Cushing Venezuela, Libya or Iran The market should increase," said Thomas Finlon, director of Energy Analytics Group LLC, quoted by Bloomberg.

Prices rise Also, because the weakening of the US dollar increases the attractiveness of commodity prices in greenbacks [194590] US crude oil has fallen more than 7% this week despite the commitment of OPEC to release production eroding global surplus US pushes its allies to stop Iranian crude buying while President Donald Trump's government seeks to punish the country's nuclear program