Brent oil rising up to $ 77.02 yesterday, the price of the barrel of $ 76.72 completed the day. The barrel price of Brent oil, today at 09.30, decreased by about 0.3 percent compared to the closing was 76.50 dollars. At the same time, the Western Texas species (WTI) found buyers at $ 72.78 barrel of crude oil.
In the decrease in oil prices, the data showing that the US’s crude oil stocks increased above expectations, while the strengthening of refinery margins limited this decline.
The American Petroleum Institute predicted that the US commercial crude oil stocks have increased by 9 million barrels compared to last week. The market expectation was that stocks would increase by 2 million 800 thousand barrels. The fact that more than expected increases in stocks pointed out that demand has weakened in the world’s most consuming country in the world.
The US Energy Information Administration (EIA) will announce official stock data during the day.
Experts, refinery margins have reached a healthy level and the previous month’s negative tendencies reversed. This development restricts the decrease in oil prices.
The concerns that the United States put into force and planned that new customs tariffs may adversely affect global economic growth and energy demand were effective in the decrease in prices. Investors are waiting for the Consumer Price Index (CPI) data to be announced today in the US today to learn more about enconomic mobility in the country.
On the other hand, while the question of how the developments in the country will affect the interest decisions of the US Federal Bank (FED), the FED President Jerome Powell said that they would not be hasty in interest rate reduction, but they are ready to take this step in the event of decrease in inflation or the labor market weakening.
The news flow that the bank will go later than expected to reduce interest rates, strengthening the predictions that the demand will decrease in the United States, suppressing prices downward.
In global markets, US President Donald Trump’s customs duties decisions and Powell’s statements that they would continue to be cautious in interest cuts, while the eyes turned into an inflation data and Powell presentation in the US today.
