Brent slightly grows on API data

On Wednesday morning, the price of oil is growing slightly after the release of statistics from the American Petroleum Institute (API), which showed a sharp decline in crude oil reserves in the United States.

According to the data, oil reserves in the United States decreased by 4.037 million barrels after an increase of 1.86 million barrels a week earlier. Today, attention should be paid to the official report on energy reserves in the country from the US Department of Energy.

The current Brent quote is $100 per barrel. Yesterday, the asset declined from the level of $102.20 to $99.00 per barrel. The price of North American WTI oil recovered to $95.75 after yesterday's drop to $94.80 per barrel.

Fears of a recession in the US economy continue to put pressure on the market in the context of a rapid tightening of monetary policy by the Federal Reserve System. The July meeting of the Federal Reserve will end today, at which, most likely, a decision will be made to raise the key interest rate again by 75 basis points.

Meanwhile, a survey conducted by the American Automobile Association (AAA) showed that Americans are reducing the number of their trips in response to the rising cost of gasoline and diesel fuel. This helps to reduce demand at the peak of the summer season. Experts note that the demand for gasoline is falling at a time when it should remain strong. And this once again confirms the risks of stagflation and its potential consequences.