Following the announcement of a further decline in US oil inventories, oil futures contracts began trading higher, gaining 1.4%. It is estimated, according to the American Petroleum Institute (API), that there was a sharp reduction of about 8.1 million barrels of crude oil and 800 thousand barrels of gasoline.
According to analysts from the US Department of Energy, the survey is also expected to show a reduction in inventories of 3.2 million barrels of oil last week. However, at a conference held yesterday, July 12, OPEC Secretary General Mohammed Barkindo said that oil reduction efforts are not shrinking stocks the way they were expected to.
Despite this, OPEC member producers are holding fast to the decision to keep the cut pact by the first quarter of 2018. Preliminary data suggest that oil production had little growth in June.
Brent crude for September jumped 1.28% on the IntercontinentalExchange (ICE) to $ 48.13 a barrel, while the WTI for August rose 1.49% on the New York Mercantile Exchange (Nymex) to US $ 45.71.
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