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Oil surged as US inventories and Middle East tensions plummeted

2019-07-03 10:44 am | Resource: News | No Views : 51

 Oil surged as US inventories and Middle East tensions plummeted

Oil prices rose after Tuesday's close of more than 4%, led by data - unofficial - showed a decline in crude stocks in the United States more than expected last week. Fears of an oil shock are hurting the already fragile global economy through a sharp increase in crude prices, as risks to one of the most important lifelines of the oil market, the Strait of Hormuz, have increased, according to a Telegraph report.

A source close to the security authorities in Washington: We are deeply concerned about the possibility of a rapid escalation of attacks in the region with the use of missiles, there may be attacks from the Yemeni port of Hodeidah near Bab al-Mandab, and attempts to hit tankers in the Strait of Hormuz. According to the bank "UPS" Swiss that the escalation of military tensions in the region may push prices to more than 90 dollars a barrel from about 65 dollars at the moment,

 Decline in US crude inventories

The US Petroleum Institute report released on Tuesday points to a lower-than-expected drop in inventories for the week ending July 2, according to multiple media. It is assumed that the volume of crude oil has fallen by about 5 million barrels, compared to the reduction of 3 million barrels, which was the market expectations. Meanwhile, the reserves at the Cushing Industrial Center in Oklahoma rose by about 882,000 barrels.

On the other hand, the data of the American Petroleum Institute on Tuesday, the decline in crude stocks in the United States by 5 million barrels last week, compared to expectations of a decline of only 3.7 million barrels.

The report also showed a drop in stocks slightly less than 390,000 barrels in the volume of gasoline, while the supply of distillates decreased by 1.7 million barrels, compared to the expected decline of one million barrels. US equity and bond markets will be closed on Thursday for a "Independence Day" holiday, but will resume Friday.

Oil trading
  • Brent crude for September delivery rose 0.30% to $ 62.59 a barrel
  • US crude for August delivery rose 0.35% to $ 56.45 a barrel at 9:04 am.


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