2024-07-25 20:25:21
Oil prices stabilised on Tuesday morning, with traders awaiting new signals on the outlook for supply and demand in the market.
As reported by Day.Az with reference to Interfax, September futures on Brent rose in price on the London ICE Futures exchange by $0.01 (0.01%) to $82.41 per barrel. On Monday, Brent fell by $0.23 (0.3%) to $82.4 per barrel.
September WTI futures were down $0.06 (0.08%) on electronic trading on the New York Mercantile Exchange NYMEX to $78.34 per barrel. During the previous session, the contract fell $0.24 (0.3%) to $78.4 per barrel.
On Tuesday evening, the American Petroleum Institute (API) will release its own estimates of the change in U.S. crude inventories for the past week, and on Wednesday, the Energy Department will release official data on energy reserves.
Oil inventories in the United States have fallen for three weeks in a row and reached their lowest level since February.
The political situation in the United States remains in the center of traders’ attention. American President Joe Biden announced on July 21 that he had decided to withdraw his candidacy from the presidential elections and expressed support for Vice President Kamala Harris as the new Democratic presidential contender.
The oil market could be supported by rising expectations of a cut in the Federal Reserve’s benchmark interest rate, notes Capital.com analyst Sabine Hathorn, MarketWatch reports.
“The Fed’s easing policy is expected to allow the US economy to maintain strong growth with subdued inflation, which supports higher demand for oil,” Hathorn said.
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