US gross inventories are rising, oil prices rise

After the data showed that US crude inventories fell last week, oil prices hit Asia on Thursday.

The Energy Information Administration said crude oil inventories fell 9.50 million barrels per week until July 5th. Forecasts predicted a draw of 3.08 million barrels, down 1.09 million barrels last week.

Oil prices demanded 4.5% overnight immediately after the EIA report.

On Tuesday, the US Department of Oil’s report showed a drop of 8.1 million barrels in inventory last week.

U Crude Oil U.S. WTI Futures traded last at $ 60.62 by 1:14 AM ET, with 0.3%. Brent Oil’s international football won 0.2% to $ 67.17.

Also the support of oil markets was the news that Iran tried to capture a British tanker in the Persian Gulf. Oil tankers were passing through the Strait of Hormuz when Iranian vessels approached and demanded that the tanks change the course and stop in Iranian territorial waters, CNN reported.

Tensions have been high in the Middle East after some reported attacks on tankers and the collapse of an American road from Iran last month. Tehran’s decision this week to enrich uranium beyond the levels it had carried out under the JCPOA nuclear agreement further describes the tension.

US President Donald Trump has warned Tehran over the weekend to “be very careful” about the resumption of enrichment./Investing.com

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