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LONDON – Oil prices rose on Wednesday morning as oil stocks decline in the United States
Brent crude, the world's benchmark, rose 0.76% to 74, $ 00 a barrel on the Intercontinental Exchange in London. On the New York Mercantile Exchange, West Texas Intermediate futures rose 0.06% to 68.56 dollars per barrel.
Tuesday, the American Petroleum Institute, an industrial group, publishes data showing a decline of 3.2 million barrels last week Oil rebounds because of data showing that US stocks have fallen [more] compared to last week's forecast, said the tanker.
Carlo Alberto de Casa,
Chief Analyst at ActivTrades. "The latest rebound reflects investors' general sense of optimism, with the majority of investors still bullish on the barrel," he added.
The official weekly data from the US inventory should be reported to the Energy Information Administration on Wednesday.
This week, intensifying tensions between the United States and Iran have revived investors' fears that tougher US economic sanctions against the Islamic Republic could significantly disrupt its oil exports.
Donald Trump
in May pulled the United States on a 2015 international agreement to curb the Iranian nuclear program, laying the groundwork for the reimposition of sanctions later this year. Analysts have estimated that up to a million barrels a day of more than 2.5 million barrels a day in Iran's crude oil exports could be at risk. Mr Trump promised to target Iran with the most severe restrictions possible.
The "war of words with Iran and the threat of the United States to impose an embargo on Iranian oil exports" pushed up prices this week.
Nitesh Shah,
Director of Research at WisdomTree U.K. Ltd.
million. Shah added that oil market observers are also considering a meeting today between Trump and the President of the European Commission
Jean-Claude Juncker
on growing trade tensions. A "softening" of Trump's tough stance vis-à-vis the EU could help drive up prices, Shah said.
Prices have declined over the past month after more than 3 and a half years the Organization of Petroleum Exporting Countries and partner producers like Russia to start raising crude output this month after more one year of production delay. The decision was motivated by growing risks for supply and fears that rising oil prices could shatter demand and hinder global economic growth.
Among refined products, Nymex reduced its rate by 1.56% to $ 2.06 per gallon. Diesel, a benchmark for diesel fuel, changed hands at $ 657.75 per tonne, up 0.30% from the previous regulation.
Write to Christopher Alessi at [email protected]
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