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Oil: The market is struggling to regain its calm

22/07/2021
Categories: Raw materials

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Despite a surprise rise in US inventories, oil remains on course. Oil prices were still up on Wednesday in a market that is struggling to regain its composure after Monday's correction.

After the publication by the EIA of an unexpected increase in crude oil inventories in the United States, prices are starting to rise again. At around 3:50 p.m. GMT (5:50 p.m. CET), a barrel of Brent North Sea crude for September delivery was worth $72.12 in London, up 3.99% from Tuesday's close. In New York, the US barrel of WTI for the same month, which is the first day of use as a benchmark contract, gained 4.43% to 70.18 dollars. U.S. commercial crude oil reserves rose last week, the U.S. Energy Information Agency (EIA) said on Wednesday, ending eight straight weeks of declines and as the market waited for a new marked decline. An increase in supply from the world's largest producer, encouraged by high prices, could upset the current market balance and put an end to the current deficit situation. Gasoline stocks in the country, also closely scrutinized by investors, fell very slightly, which also tempered the rise in those of crude oil.

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