In recent days, developments on the supply side of oil prices continue unabated. On the third trading day of the week, oil remained flat after data pointing to decreasing US crude inventories and Saudi Arabia pointing to possible production cuts.
US crude oil, which made a premium of close to 4% on the previous trading day, approached the level of 94 dollars on the new trading day. Brent oil tested $100 again.
Crude oil stocks last week 5.63 million
The American Petroleum Institute said crude inventories fell by 5.63 million barrels last week, after which exports from Kazakhstan could be interrupted for months.
Oil has lost nearly a quarter of its value since the beginning of June amid concerns about an economic slowdown. Saudi Arabian Oil Minister Prince Abdulaziz bin Salman said this week that the futures market is increasingly disconnected from fundamentals and the OPEC+ alliance may have to cut production.
Comments
No comment yet.