Oil prices rise on API data on falling inventories in the US, Brent - $104.58 per barrel
18:10 27.07.2022 6350
Oil prices are growing weakly on Wednesday against the backdrop of data from the American Petroleum Institute (API), which showed a sharp decline in US inventories, Interfax reports.
The pressure on the market continues to be exerted by fears of a recession in the US economy in the context of the rapid tightening of monetary policy by the Federal Reserve System (FRS). The Fed ends its regular meeting on Wednesday, following which it is expected to raise its benchmark interest rate again by 75 basis points.
The cost of September futures for Brent oil on the London ICE Futures exchange by 8:05 Moscow time on Wednesday is $104.58 per barrel, which is $0.18 (0.17%) higher than the closing price of the previous session. As a result of trading on Tuesday, these contracts fell by $0.75 (0.7%) to $104.4 per barrel.
The price of futures for WTI oil for September in the electronic trading of the New York Mercantile Exchange (NYMEX) is $95.3 per barrel by this time, which is $0.32 (0.34%) higher than the final value of the previous session. By the close of the market on Thursday, the value of these contracts fell by $1.72 (1.8%) to $94.98 per barrel.
Oil inventories in the United States in the week ended June 22 fell by 4.037 million barrels after rising by 1.86 million barrels a week earlier. The official report on energy reserves in the country for the past week will be published by the US Department of Energy on Wednesday at 17:30 Moscow time.
A survey conducted by the American Automobile Association showed that US citizens are changing their habits in response to the rising cost of gasoline and diesel fuel, reducing the number of trips. This helps to reduce demand at the peak of the summer season. The drop in gasoline demand at a time when it should remain strong highlights the risks of stagflation and its potential consequences, experts say.
Liquefied gas and jet fuel were sold abroad at the auctions, and polypropylene and base oil were sold to the domestic market
27 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan last week.
The President of Turkmenistan and the Vice President of the UAE noted the active dynamics of cooperation in the energy, oil and gas and other spheres
The development of bilateral cooperation was discussed at a meeting on February 21 between the President of Turkmenistan Serdar Berdimuhamedov and the Vice President, Deputy Prime Minister, Minister of the Presidential Administration of the United Arab Emirates Sheikh Mansour bin Zayed Al Nahyan, who arrived in our country on a visit, TDH reports.
The work of the Interdepartmental Commission on the Caspian Sea was discussed at the Ministry of Foreign Affairs of Turkmenistan
The 63rd meeting of the Interdepartmental Commission of Turkmenistan on the Caspian Sea was held at the Ministry of Foreign Affairs on February 23. The meeting was attended by the relevant Vice-Chairmen of the Cabinet of Ministers of the country, the Director of the Caspian Sea Institute, heads of a number of ministries and specialized departments.
Products of oil refineries were sold at the auction
Last week, 35 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan.
Turkmenistan started exporting gasoline A-98 of EURO-5 and EURO-6 standards
Turkmenistan has started exporting A-98 gasoline of EURO-5 and EURO-6 standards, the first batches were sold to entrepreneurs from the United Arab Emirates and Afghanistan.