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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an 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.

Oil is stable above the level of $79.50 in anticipation of inventory data in the US

July, 19 2023
watermark Economic news

On Wednesday, oil quotes remained above the level of $79.50 per barrel after a steady increase in the previous session. The current Brent quote is $79.83 per barrel, North American WTI oil is trading near $75.73.


Today, traders are waiting for data on energy stocks in the United States from the Department of Energy. The forecast assumes a reduction in oil reserves by 1.8 million barrels, gasoline reserves – by 1.1 million barrels. At the same time, distillate reserves may grow by 200 thousand barrels.


Yesterday's statistics from the American Petroleum Institute (API) showed a decrease in oil reserves in the country by 797 thousand barrels for the week ended July 14. Experts expected a decrease in inventories by 2.25 million barrels after the previous increase of more than 3 million barrels last week.


Stocks at the terminal in Cushing (Oklahoma), where Nymex-traded oil is stored, decreased by 3 million barrels last week. If these data are confirmed by official statistics, this will be the most significant decline since October 2021.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.