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Crude oil futures ended higher on Tuesday, finding support for underlying tensions between the United States and Iran that could further disrupt world market supply and trade. China prepare to boost its economy. Regarding the weekly data on the US Petroleum Inventory from the American Petroleum Institute released later Tuesday, as well as official data from the Energy Information Administration on Wednesday.
In front of these data, September West Texas Intermediate crude
CLU8, + 0.28%
increased 63 cents, or 0.9%, to $ 68.52 per barrel. September Brent Brut traded in the United States
LCOU8, + 0.94%
ended up 38 cents higher at $ 73.44 per barrel, up 0.5%. The global benchmark has evolved into chopped trading up here this week, at a time pushing above $ 74 on Monday, after recording its third consecutive weekly fall until Friday.
Oil prices could exceed $ 120 before the end of the year
The Chinese state cabinet, the State Council, unveiled plans budget to boost domestic consumption.
Energy prices oscillated between gains and losses before closing on Monday after threats between President Donald Trump and his Iranian counterpart, Hassan Rouhani, as the oil market attempted to assess the threat that Iran's crude oil could represent. May has pulled the United States out of a 2015 international agreement to curb Iran's nuclear program, paving the way for the reimposition of economic sanctions that should hinder the Iranian oil industry. Analysts have estimated that up to 1 million barrels per day of Iran more than 2.5 million barrels a day in oil exports could be in danger. Trump promised to impose the strictest possible sanctions.
After Trump withdrew from the nuclear deal in May, Brent temporarily crossed the symbolic threshold of $ 80 a barrel for the first time in more than 3 and a half years. wants to focus on current production in Iran "that will be affected by the new sanctions, said Ole Hansen, director of commodity strategy at Saxo Bank.On the one hand, the price of oil has been tempered by the Increase in the supply of the Organization of the Petroleum Exporting Countries – led by Saudi Arabia – and the production of allies like Russia as a result of a The decision made in late June to start increasing production after more than a year of production delay.
This dynamic has helped support a rather optimistic move by coarse strategists. "Paul Ciana, technical strategist at Bank of America Merrill Lynch said the bank remains "medium-term bullish [on] oil prices, however the possibility of a double high on Brent oil is a short-term concern that could lead to a correction continue. "[19659002] Elsewhere on Nymex, August essence
RBQ8, + 0.80%
stuck on 0.2% to finish at $ 2.0956 per gallon, while heating oil August
HOQ8, + 0.44%
increased 0.7% to $ 2.1366. August natural gas
NGQ18, + 0.26%
increased 0.4% to $ 2.732 per million British thermal units.
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