Oil Prices Are Rising on Global Markets: Key Factors
29 July 14:37
Oil prices are rising on Wednesday, July 29, following a sharp drop over the previous two trading sessions. This is reported by "Komersant Ukrainian", citing “Interfax-Ukraine.”
September Brent crude futures on the London-based ICE Futures exchange are trading at $87.06 per barrel, up $2.97 (3.53%) from the previous session’s close. On Tuesday, they fell by $4.27 (4.8%) to $84.09 per barrel.
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WTI crude oil futures for September delivery on the New York Mercantile Exchange (NYMEX) have risen by $2.62 (3.31%) so far today to $81.88 per barrel. At the close of the previous session, their price had fallen by $3.35 (4.1%) to $79.26 per barrel.
The day before, both grades closed at two-week lows following the cessation of hostilities between the U.S. and Iran, as well as reports that negotiators from Iran and Oman are attempting to reach an agreement on resuming shipping through the Strait of Hormuz.
However, on Wednesday, prices began to rebound sharply amid reports that the U.S. and Saudi Arabian armed forces had struck Iranian-backed terrorist groups in Iraq.
In addition, Iran’s Islamic Revolutionary Guard Corps (IRGC) struck three oil tankers in the Strait of Hormuz, according to the Tasnim news agency.
“Three oil tankers that continued to travel along a dangerous and illegal route, ignoring our warning, were attacked and stopped,” the IRGC stated.
The Iranian Air Force also reported launching a strike using several ballistic missiles against a U.S. airbase and the command center of U.S. Central Command (CENTCOM) in Jordan.
Meanwhile, the American Petroleum Institute (API) stated yesterday that the country’s inventories rose by 3.3 million barrels last week. Analysts surveyed by Trading Economics expect a decline of 2.5 million barrels.
The API receives data from refinery, petroleum product, and pipeline operators on a voluntary basis. Official U.S. Department of Energy inventory data will be released on Wednesday at 5:30 p.m. local time.
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