Oil Prices Confused About Going Up To Down Following These 2 News - Kakiforex.com - Financial Market Media No. 1 in the World Oil Prices Confused About Going Up To Down Following These 2 News Oil Prices Confused About Going Up To Down Following These 2 News
InstaForex

July 14, 2021

Oil Prices Confused About Going Up To Down Following These 2 News

 Black commodities traded higher although gains recorded were limited following concerns over global demand following disappointing data readings from China.


In the European session, Brent crude futures traded steady at $ 76.59 a barrel, while US WTI was slightly down at $ 75.18 a barrel.


China’s crude oil imports fell 3% from January to June from a year earlier, the first contraction since 2013, as lack of import quotas, factory maintenance and rising global prices constrained purchases.



However, a reading of US crude oil supply data showing a continued decline to some extent helped support the strengthening of oil prices.


According to a report released by the American Petroleum Institution (API), crude oil inventories fell by 4.1 million barrels last week, making it a decline for the eighth consecutive week.


Meanwhile, the International Energy Agency (IEA) warned that the oil market will tend to be unstable until there is clarity on OPEC+production policy. Discussions between producer members stalled last week causing production in August to be expected to remain at current levels.