Oil futures continue to rise, reflecting a positive positive sentiment. The US Petroleum Institute (API) has announced that US oil reserves will drop by approximately US $ 5.2m. barrels instead of the estimated 3.15m. If the decline is confirmed by official government figures on Wednesday, it will have a strong positive impact on oil prices and will confirm the troubled US supply on the back of the closed North Sea gas pipeline. Although pipeline repairs are on track, the Forsty Pipeline system is among the most important pipelines in the world, which largely determines the prices of black gold.
In view of the difficult supply in the North Sea, we expect the official data on Wednesday to show a decline in US stocks, resulting in a rising oil price impulse.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
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