Find out the Current Sentiment of the Oil Market Heading into the Weekend - Kakiforex.com - Financial Market Media No. 1 in the World Find out the Current Sentiment of the Oil Market Heading into the Weekend Find out the Current Sentiment of the Oil Market Heading into the Weekend
InstaForex

July 9, 2021

Find out the Current Sentiment of the Oil Market Heading into the Weekend

 Oil prices are on track for weekly losses amid uncertainty about global supplies driven by failures in OPEC+ talks on production policy.


The split between OPEC+ members and the United Arab Emirates (UAE), which opposes plans to extend production cuts, is the main reason behind the failure of the talks.


However, further declines in U.S. crude oil supplies have supported oil trade from falling lower.



In the European session, Brent crude futures were stable around $ 74.34 a barrel, while US WTI was up slightly at $ 73.30 a barrel.


U.S. crude oil and gasoline stocks fell and gasoline demand hit its highest level since 2019, the U.S. Energy Information Administration (EIA) said on Thursday, marking a strong increase in fuel demand.


Crude oil inventories fell by 6.9 million barrels last week to 445.5 million barrels, the lowest level since February 2020, and exceeded market expectations for a decline of 4 million barrels.


Petrol stocks were reported to have declined by 6.1 million barrels, exceeding expectations for a reduction of 2.2 million barrels.