The Cost of Oil is Growing Due to Lack of Fuel in the USA
OREANDA-NEWS. During the morning trading on July 10, the cost of oil of reference marks shows a positive trend.
Quotes of oil on Asian trading on Wednesday are rising on US stock data. By 8:08 Moscow time on the morning of July 10, September futures for Brent were trading on the London ICE Futures Exchange at $ 64.81 a barrel, which is $ 0.65 (1.01%) above Tuesday’s closing level. During the previous session, they rose by $ 0.05 (0.08%), to $ 64.16 per barrel.
Tensions over Iran’s nuclear program and recent tanker incidents in the Persian Gulf also supported prices. At the same time, US President Donald Trump said Wednesday that the US sanctions against Iran will soon be "significantly tightened" against the background of a reduction in Iran’s obligations under the nuclear agreements because the member countries of the agreement could not fulfill the requirements Tehran concerning the economic interests of the country.
Oil prices have risen in an instant reaction to the official report of the Ministry of Energy, but by now this reaction has exhausted itself. Moreover, prices rose not only by the excess of the reduction of oil reserves over the forecast, but also by the excess of the reduction, which was reported yesterday by the American Petroleum Institute.