Over the past 6 months, oil reserves have dropped to the lowest level. However, a rally in crude prices has not started yet.
The US Department of Energy reported that over the past week the country’s oil inventories declined by 7.195 million barrels. In total, US oil reserves were down by 263 thousand barrels. At the same time, gasoline stockpiles increased by 1.199 million barrels, while distillates fell by 593 thousand barrels.
Today, Brent crude rose by 0.1% to $42.07 per barrel while WTI crude oil futures fell by 0.03% to $39.81 per barrel.
The rise in oil prices is capped by the rapid spread of coronavirus in some American states. On July 1, more than 50 thousand people were infected with COVID-19 in the US.
The material has been provided by InstaForex Company – www.instaforex.com