17.07.2019: Oil prices decline as concerns over US-Iran conflict ease (Brent, RUB, USD)
Yesterday oil prices fell by over 3% after the production of crude oil in the Gulf of Mexico had recovered while tensions in the Middle East had eased.
On Tuesday, Brent futures closed at 64.5 dollars per barrel. The price may pull back to 65-65.5 dollars per barrel unless any new headwinds appear.
Donald Trump’s comments about progress in negotiations with Iran triggered a sell-off in the oil market. Moreover, US Secretary of State Mike Pompeo said Iran was ready to discuss its nuclear program that became a sticking point in the conflict of these two countries.
Besides, the American Petroleum Institute released its weekly crude oil inventories report yesterday. The report showed that the stockpiles of crude oil decreased by 1.4 million barrels to 460 million. Analysts predicted a larger fall of 2.7 million barrels.
According to the API data, a fall in US crude oil inventories has been registered for the fifth week in a row which is connected with the seasonally-adjusted high demand for gasoline. It had a positive impact on the oil market sentiment.
Today, the Energy Information Administration will deliver the official inventories data. If a fall is confirmed, then oil prices will probably increase.
Meanwhile, the Russian ruble managed to strengthen against the US dollar after Tuesday’s decline that followed a fall in oil prices. Half an hour after the opening of the Moscow exchange, the dollar-ruble pair for tomorrow settlement inched down to 62.94 rubles.
We keep close tabs on the market developments. Stay tuned!
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