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Oil Rallies As Saudis Cut Export to USA



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Brent crude and West Texas Intermediate started the day today with wins, albeit modestly after weekly petroleum inventory report from the energy management administration, which said Saudi oil exports to the US had fallen as OPEC's de facto leader cut production lower than agreed to accelerate a hesitant price increase.

Reuters reports that WTI has achieved 0.7 percent in morning trading In Asia, US $ 54.63 per barrel, where Brent crude oil added 1

percent to US $ 62.24 per barrel, also quoted the ANZ bank as saying, "Crude oil prices were stronger after signs that OPEC Cuts affect trade. VVM's weekly report showed that US imports from Saudi Arabia declined by more than half from the previous week to 442,000 barrels per week. day (bpd). This is the second lowest level in weekly data going back to 2010. "

fell! In Saudi crude oil exports to the United States was not the only bullish factor for prices in the EIA Wednesday's report. The modest buildup of crude oil inventories of less than one million barrels and a significant drop in gasoline reserves, which had reserved significant gains for four consecutive weeks. Related: The only way to Aramco IPO is downstream

Furthermore Helps the new round of Washington sanctions targeting Venezuela's state oil company, also the prices of worrying about potential supply disruptions such as PDVSA is one of the four largest crude oil suppliers to Gulf Coast refineries.

In the Demand Department, demand for soft gasoline in the US up to last week, Reuters & John Kemp brought gasoline into the limelight this week and quoted a report from a EIA, which found the gasoline consumption in the world's largest user of crude oil, remained flat for the year during the first ten months of 2018. Furthermore, the VV petrol consumption expects to have fallen by 40,000 bpd throughout 2018 from the year before.

This softer petrol demand is likely to continue to apply back pressure to the prices of the OPEC cuts, in addition to the growing expectation that the US is likely to extend sanctions to some of Iran's largest oil clients.

By Irina Slav for Oilprice.com

Several tops are read from Oilprice.com:

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