Oil increases due to high fuel demand in the United States

Meanwhile, the escalation of the tariff confrontation between the PRC and the US restricts price growth, according to stock market data on Investing.com

The September Futures Price Index for 39 Brent oil on the London Stock Exchange ICE Futures rose $ 0.15 (0.21%) to $ 72.73 a barrel. The value of the August futures on WTI oil on the New York Mercantile Exchange (NYMEX) rose 0.29% (0.42%) to 69.75 dollars a barrel.

On the eve of a Saudi Arabian representative of OPEC Adib Al -Aama said that the country's oil exports in July will be about June, and then decline in August; about 100,000 barrels a day. Saudi Arabia "will only export the amount of oil that has been brought into compliance with requests for increased supplies from customers," he said. The Riyadh declaration led to an increase in oil contracts.

At the same time, the tariff dispute between the United States and China is pushing the price, which is aggravated by the prospect of a monetary war between the world's largest economies. For the seventh week in a row, the People's Bank of China (BDC) is reducing the yuan exchange rate to 13 months. "Today, the markets are affected by the trade war, but today they are afraid of a currency war (between China and the United States)". Stephen Innes of the brokerage firm OANDA (Singapore)

However, the decision of the signatories of OPEC + relates to the production oil and a record level of production of US raw materials the results we have The last week of 11 million b / s, traders worry about the oversupply.

From 9:15 am in Kiev, the price of Brent oil is set at $ 72.87 per barrel. At the opening, Brent traded at $ 72.59 per barrel, 1 cent higher than the closing rate ($ 72.58). [ad_2]
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