Oil markets today experienced recession with the decline in oil and gas prices, affected by rising dollar and optimism over US trade negotiations. According to a recent report, the September September crude (CLU25) has declined by -0.48 (-0.73 %), while RBOB RBOB (RBU25) declined by -0.0029 (-0.14 %).
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Global economic indicators were mostly weighing on energy demand, and US capital goods were unexpectedly reduced in June -0.7 %, contrary to a 0.1 % increase. Meanwhile, Britain reported a 0.6 percent increase in retail, except for car fuel for June, declined by 1.2 %.
By adding pressure on crude oil prices, Iraq is expected to resume oil exports through the Iraqi pipeline and crack from its northern region and potentially market 230,000 barrels per day (BPD). The progress comes as Iraq, the second -largest oil producer in OPEC, plans to boost its raw exports.
On the geopolitical front, recent EU sanctions on Russian oil offered support for oil prices by targeting more than 400 ships and several banks. However, concern about the World Oil Surplus continues, especially after the announcement of OPEC+ to increase the 548,000 BPD, which starts on August 1, with a greater increase in the horizon.
In contrast, the decline in crude oil stored in fixed tankers decreases by 14 % to 66.31 million barrels, offering an upward prospect for oil prices. In addition, the US Energy Information Bureau announced the decline in US crude oil production and the drop in active oil platforms of 3.75 years 422, which shows possible supply restrictions.
Source: Indexbox market information platform
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