Oil prices have stabilized after a three-day collapse

On Thursday, the price of oil stopped its three-day decline, stabilizing near the level of $72.70 per barrel. All these days, the oil market has been under pressure amid concerns about weakening economic growth and demand. Over the past 3 sessions, crude oil prices have fallen to almost 17-month lows in the region of $71.40 per barrel. 

The current Brent oil quote is $72.60 per barrel, WTI oil is trading near $68.70. 

News about potential supply disruptions from Russia and Iran, as well as a further reduction in oil reserves in the United States and a sharp drop in the dollar after the US Federal Reserve's decision on the potential end of the one-year rate hike cycle helped to halt the market's decline. 

As it became known, Iran seized the second oil tanker in a week in the waters of the Persian Gulf, causing dissatisfaction with the US government. The Strait of Hormuz provides about a fifth of the world's oil supplies, and any escalation of tensions in this region threatens serious disruptions in supplies, including Russian oil. 

As for oil reserves, the latest data from the US Department of Energy showed a decrease of 1.28 million barrels per week. At the same time, an unexpected increase in gasoline stocks showed that the demand for this fuel in parking lots remains weak against the background of deteriorating economic conditions in the country.