The English translation of the heading is: "Oil prices stabilize after inventory expansion in the USA.

  • Geopolitical tensions and uncertainties about China's economy continue to weigh on the markets.
  • Crude oil inventories in the USA rise by 5.8 million barrels, contributing to the stabilization of oil prices.

Eulerpool News·

After two days of declines, crude oil prices are finding traction again as international markets closely watch geopolitical tensions in the Middle East. According to government data, U.S. crude oil inventories have increased by 5.8 million barrels, a rise not seen since late April. Despite slightly decreased gasoline inventories, West Texas Intermediate futures were trading above $73 per barrel, while Brent oil closed below the $77 mark. Meanwhile, the oil market remains tense due to the potential for Israeli retaliation to a recent Iranian missile attack, fueling concerns about an escalation into open war. U.S. President Joe Biden has advised Israel against targeting Iranian oil sites, while Tehran has, in turn, threatened the use of thousands of missiles. At the same time, ongoing uncertainties about China's economic health continue to weigh heavily on the markets. The lack of decisive economic stimulus measures from Beijing this week led to a broad market downturn on Tuesday, affecting the oil market as well. However, the Chinese government is planning a press conference on fiscal policy for Saturday, which investors are eagerly awaiting.
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