Oil prices fell again on the morning of July 15 as investors prepared for more supply.

Brent crude for September delivery fell 44 US cents, or 0.6%, to $74.32 per barrel, while US crude (WTI) for August delivery was at $72.61 per barrel, down 52 cents or equivalent. 0.7%.
Both grades fell 2% on Wednesday (July 14) after Reuters reported that Saudi Arabia and the United Arab Emirates (UAE) reached an agreement to pave the way for the Organization of the Exporting Countries. Oil (OPEC) together with its partners, also known as OPEC+, reached an agreement to increase the supply of oil globally, amid the recovery of the world economy after the COVID-19 pandemic.
Negotiations between the Organization of the Petroleum Exporting Countries OPEC+ failed to reach a consensus in early July.
“The deal will take some time to complete, but it looks like the UAE will be allowed to produce more output next year,” said OANDA analyst Edward Moya.
OPEC+ is likely to lift production soon and that is welcome news as demand soars while the oil market becomes tight.
In the United States, crude inventories fell for an eighth straight week last week, but gasoline and diesel inventories remained elevated despite a drop in refinery utilization, data from the Energy Information Administration showed on Thursday. Wednesday.

Moya said the big drop in crude stockpiles had not helped boost oil prices as traders focused on the first increase in total gasoline stocks since early June.

Source: VITIC/Reuters

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