UNITED STATES (OBSERVATORY) – Oil prices are stable at the trades on Tuesday, traders took a wait-and-see position after the announcement of the US intention to sell part of the strategic oil reserve.
This step is designed to compensate for the expected reduction in Iranian oil supplies to the world market after the entry into force of US sanctions against Tehran.
The price of the October futures for Brent crude at the London Stock Exchange ICE Futures by 8:20 increased by $ 0.04 (0.06%) – to $ 72.25 per barrel. On Monday, these contracts went up by $ 0.38 (0.53%) – to $ 72.21 per barrel.
The cost of the WTI futures contract for September in electronic trading on the New York Mercantile Exchange (NYMEX) rose by $ 0.23 (0.35%) to $ 66.66 per barrel by that time. As a result of the previous session, contracts increased by $ 0.52 (0.79%) to $ 66.43 per barrel.
The September futures contract for WTI expires on August 21. More actively traded contracts in October rose in price by $ 0.1 (0.15%) – to $ 65.52 per barrel.
The US said on Monday it would sell 11 million barrels of oil from its strategic reserve, which is 660 million barrels. This oil will enter the market in October-November this year, the US Energy Ministry reported.
“The planned release of part of the US strategic oil reserve may limit the rise in oil prices,” analyst Takayuki Nogami, analyst at Japan Oil, Gas and Metals National Corp., quotes Bloomberg agency as saying. “Traders take a wait-and-see attitude, assessing this message, as well as the course of trade talks between Washington and Beijing “.
Experts, meanwhile, expect that the data on US energy stocks, which will be published this week, will point to a decrease in oil reserves in the country by 2 million barrels after an unexpected jump a week earlier.