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Increased inventories putting pressure oil Brent crude below 61 dollar

2019-08-14 08:46 am | Resource: News | No Views : 18

Increased inventories putting pressure oil Brent crude below 61 dollar

Brent crude futures fell after rising yesterday to settle above $ 61 a barrel for the first time in more than a week, supported by the US administration announced the postponement of the imposition of tariffs on some Chinese goods until December, easing trade tensions.

Private data shows a sudden increase in US inventories

Private data from the American Petroleum Institute revealed a surprise in US crude oil inventories. According to reports, the American Petroleum Institute revealed on Tuesday that inventories rose by 3.7 million barrels last week. Oil prices rose in the previous session amid easing trade tensions between China and the United States. After talks with Beijing, Washington decided to delay import duties on some Chinese products until mid-December.

 Iranian official calls Gulf-US alliance "doomed"

The alliance planned by the United States to protect ships passing through the Strait of Hormuz is "doomed to fail", the head of Iran's parliament's National Security and Foreign Policy Committee told Mehr News on Wednesday.

"After a US drone crashed and the British oil tanker seized, they became desperate. Now they think the coalition will be in response to the critical warnings of our defense forces, but Iran, under any circumstances, will show any flexibility for them," the Iranian official said. Only countries in the region can provide security for each other and the United States cannot influence the situation, Rezai said.

After a number of incidents involving oil tankers in the Persian Gulf earlier this year, the United States called on its allies to form a joint alliance to protect shipping. The UK and Israel agreed to participate in the coalition, while Germany and Japan said they would not be part of the operations.

Oil Trading
  • Brent crude for October delivery fell 0.8% to $ 60.76 a barrel after rising Tuesday by 4.7% at $ 61.30.
  • US crude futures were down 1.19% at $ 56.42 a barrel, after rising yesterday by $ 2.17 to $ 57.10 a barrel.


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