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Oil: Inventories expected to fall

09/07/2021
Categories: Raw materials

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US inventories expected lower as oil continues its slide on Thursday. This situation is partly due to the failure of the OPEC+ negotiations at the beginning of the week.

Oil prices fell again on Thursday, echoing the failure of OPEC+ negotiations at the start of the week, while investors are eyeing the state of crude stocks in the United States, expected to fall sharply. At around 09:45 GMT (11:45 CET), a barrel of Brent North Sea crude for September delivery was worth $73.04 in London, down 0.53% from the previous day's close. In New York, the barrel of WTI for August lost 0.73%, to 71.07 dollars.

The fall is more severe in comparison with the highs reached on Tuesday at $76.98 and $77.84 for WTI and Brent, records since November 2014 and October 2018 respectively. The market has been rocked since last Thursday by failures successive negotiations between the members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies via the OPEC+ agreement, against a background of disagreement between the United Arab Emirates and the rest of the group.

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