This year, Crude Oil prices have been volatile, from the US and Chinese trade wars, the rise in crude inventories and the anticipation of OPEC’s strategy of oil production cuts.
Up until yesterday the Crude Oil prices had fallen 4% due to the barrel build being higher than expected. In accordance with EIA (Energy Information Records) in the US, there has been a build-up of inventory of 2.2 million barrels for the week of June, in comparison with the build up of inventory earlier in the week of 6.8 million and 3.2 million barrel build up in gasoline inventories.
Last week, distillate fuel averaged at 5.2 million bpd (barrels per day), meaning inventory was down by 1 million barrels vs earlier in the week when it was at 4.6 million.
We’ve been waiting for the OPEC’S decision on oil production cuts and whether or not the cuts will be extended for another year.
However, today, in the Oman Gulf, two crude tankers have been attacked sparking a 4% surge in oil prices and put the energy industry at the centre of rising Middle East tensions. in crude oil prices. Brent oil has gone up $2 in a matter of minutes, BP and Shell shared some mild growth with BP up 0.7% and Shell by 0.5%.