This was reported in a comment for RB.RU by Lyudmila Rokotyanskaya, stock market expert at BCS World of Investments. She noted that this week oil surpassed the $85 mark and continued to trade above this value.
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“Black gold was supported by data on demand recovery in Asia, as well as the American Automobile Association’s fuel demand growth forecast in July. The Israeli Foreign Minister’s statements about a “total war” with the Lebanese Hezbollah also added fuel to the fire, says Rokotyanskaya.
He also recalled that the United States Energy Information Administration (EIA) recently reported a weekly decrease in the country’s crude oil reserves by 2.55 million barrels. This news surprised the market, causing the price of oil to rise. Gasoline inventories decreased by 2.3 million barrels and distillate volumes by 1.73 million barrels.
The expert points out that the world oil market continues to be affected by the production and export cuts reported by OPEC+ members, as well as by China’s economic recovery.
“From the point of view of technical analysis, it is possible that quotes will reach the previous peaks: 87.4 and 91 dollars per barrel,” Rokotyanskaya summarized.
We previously wrote that experts reported negative trends in the oil market in June.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
