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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Oil prices continue to rise amid a reduction in reserves in the United States

July, 18 2024
watermark Economic news

Oil prices continue to rise, supported by data on the reduction of fuel reserves in the United States for the third week in a row. Such a long period of inventory decline was last recorded in September last year. 


Commercial oil reserves in the United States decreased by 4.87 million barrels last week. Gasoline reserves increased by 3.33 million barrels, distillates – by 3.45 million barrels. Experts expected an increase in oil reserves by 0.8 million barrels, as well as a reduction in gasoline reserves by 1.7 million barrels, distillates by 0.5 million barrels.


An additional impetus to the price increase was provided by statements from representatives of the Federal Reserve System, which increased expectations of a reduction in the base rate in September. Such a decision by the American Central Bank is expected to boost economic growth and, accordingly, increase demand for energy resources.


September Brent futures rose to $85.80 per barrel. North American WTI crude is trading near $82.25.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.