empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

02.07.202014:13 Forex Analysis & Reviews: Oil holds steady

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 02.07.2020 analysis

Over the past 6 months, oil reserves have dropped to the lowest level. However, a rally in crude prices has not started yet.

The US Department of Energy reported that over the past week the country's oil inventories declined by 7.195 million barrels. In total, US oil reserves were down by 263 thousand barrels. At the same time, gasoline stockpiles increased by 1.199 million barrels, while distillates fell by 593 thousand barrels.

Today, Brent crude rose by 0.1% to $42.07 per barrel while WTI crude oil futures fell by 0.03% to $39.81 per barrel.

The rise in oil prices is capped by the rapid spread of coronavirus in some American states. On July 1, more than 50 thousand people were infected with COVID-19 in the US.

Kate Smirnova
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off