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Bisnis.com, JAKARTA – The price of US crude oil tends to stabilize Wednesday morning (07/07/2018) following reports of slowdown (19459013 ) Bloomberg, The West Texas Intermediate (WTI) oil price for the August 2018 contract was trading at $ 74.26 US per barrel at 4:42 pm local time, after finishing at 74, $ 14 a barrel on the New York Mercantile Exchange on Tuesday.
Brent crude for delivery in September rose 46 cents and ended at $ 77, 76 per barrel on the London-based ICE Futures Europe stock exchange. This world benchmark crude traded for a premium of US $ 6.77 against WTI for the same month
The price of US oil has traded around the closing price after the US market price. Announced by the American Petroleum Institute (API) of a drop in crude inventories of 4.51 million barrels last week, while supplies in Cushing, Oklahoma, decreased 2.6 million barrels
This would be the seventh consecutive decline of the storage center if data from the Energy Information Administration (EIA) confirmed Thursday (5/7). Before reaching 0.3% more, WTI oil prices briefly surpbaded the $ 75 level for the first time since 2014.
The Restricted Oil Rally is a decision by President Donald Trump that encourages Saudi Arabia to increase its production. "The rapid decline after WTI reaches US $ 75 may be due to a long wind-up battle before the holidays," said Bill O. Grady, chief market strategist at Confluence Investment Management.
] "And there is always the risk that Trump releases oil from the US Strategic Oil Reserve to limit prices," he added, quoted by Bloomberg
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