the Price of Brent crude oil exceeded $ 45 per barrel for the first time since March 6 of this year, when there was a collapse of quotations after the collapse of the first deal OPEC+. This is evidenced by the data portal Investing.com.
the Increase is mainly due to data of the American petroleum Institute (API), which in the last week of July, the reserves of “black gold” in the U.S. fell to 8.6 million barrels to 520 million. A week before the official statistics of the energy Information Agency (EIA) showed a reduction in inventory of 10.6 million barrels. If today’s API data is confirmed EIA (they will publish statistics on Wednesday evening), over the past two weeks, stocks in the US will decline more than at any time since the beginning of this year.
At the same time serious fears in the oil market causes an increase in the number of cases of infection with mers worldwide, and the possibility of a second wave of the pandemic. The most difficult epidemiological situation is observed in USA, Brazil, India and Mexico. Against this background, there are concerns about the extension and even tougher quarantine restrictions that could lead to another decline in demand for oil and oil products.
