Oil prices continue to rise on global markets: key factors
9 July 14:36
Oil prices are rising on Thursday, July 9, as investors are concerned about the situation in the Middle East. This is reported by "Komersant Ukrainian", citing “Interfax-Ukraine.”
September Brent futures on the London-based ICE Futures exchange are trading at $78.78 per barrel, which is $0.76 (0.97%) higher than the previous session’s closing price. During the session, they rose by $3.86 (5.20%) to $78.02 per barrel, their highest level since June 19.
WTI crude oil futures for August delivery on the New York Mercantile Exchange (NYMEX) electronic trading platform have risen by $0.71 (0.97%) to $74.23 per barrel. At the close of the previous session, their price rose by $3.08 (4.37%) to $73.52 per barrel—the highest level since June 22.
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The U.S. military confirmed strikes against Iran for the second day in a row, raising concerns about energy supplies from the Middle East, according to Trading Economics. The U.S. stated that the strikes are intended to undermine Iran’s ability to threaten shipping through the Strait of Hormuz.
U.S. President Donald Trump announced the day before, during the NATO summit in Ankara, that he considers the ceasefire to be over, and raised the possibility of the U.S. taking control of the Iranian island of Khark and reinstating a naval blockade of the country.
Oil prices rose following the release of official data on U.S. commercial oil inventories, which showed a 3 million-barrel increase last week, bringing the total to 411.4 million barrels. Commercial gasoline inventories for the week ending July 3 fell by 1.9 million barrels, while distillate inventories fell by 4.98 million barrels.
Analysts had forecast, on average, a decline in crude oil inventories of 2.4 million barrels and in gasoline inventories of 1.6 million barrels, while expecting distillate inventories to rise by 600,000 barrels.
Inventories at the Cushing terminal, where NYMEX-traded crude oil is stored, fell by 52,000 barrels.
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