Showing posts from July 10, 2022

Relatively static oil price and the US crude inventory build

  The price of crude oil fell below $100 in the markets this week, a trend that is inherited from the performance of the last week. As of 14:50 GMT, WTI and Brent recorded $96.02 and $99.26 respectively. At present, crude oil markets are not short of negative sentiments: there is a strong probability that the major global economies, including that of the US, will slide into recession; the European economies are staring into the abyss of a major disaster that exacerbated by the impending gas shortages; the crisis in Ukraine is getting ominously worrying on daily basis; the risk of Covid-19 is a hot topic again across the globe despite the prevailing complacency; there are signs that the Chinese economy is struggling to get back to where it was at the beginning of the year. Based on the obvious headwinds against the global growth, analysts have been predicting a decline in demand for crude oil; the latest data from the API, American Petroleum Institute, meanwhile, shows a consistent crud

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