oil rises up to 3% after a drastic drop in inventories in the US

The price of oil is advancing around 3% in the case of West Texas, a reference in the US, to the area
of ​​60 dollars. Brent crude, a benchmark in Europe, is up 2.5% and is approaching 66 dollars, maximum since May. After several consecutive weeks of increases in oil reserves in the US, the Energy Agency has announced that last week inventories fell by 12.8 million barrels (mbd), while experts predicted a decline of only 2, 5 mbd.

Volatility in crude oil has become the key to an uncertain geopolitical context in which the shocks in the Strait of Hormuz (where 30% of the world's oil exports pass) threaten to lead to a military conflict.

The US and Saudi Arabia directly accuse Iran of being the cause of the attacks on ships in this area of ​​the Middle East, while Tehran has only acknowledged that it has knocked down a US spy drone that was flying over its waters. to trigger a selective US attack on areas of Iran.

This tension in a key region for oil production has helped boost prices from the 59 dollars, minimums marked in June. The weakness of the demand and the risk of a total commercial war came weighing on oil prices that have only managed to bounce back from the risk of a military conflict in the Middle East.

Today, the sharp drop in inventories in the US gives another boost to oil. This decline has been greater since 2016, however it must be taken into account that the accumulated inventories are still above the average of the last five years. A decrease in inventories is usually synonymous with greater strength of demand. However, this is the first significant drop in crude reserves in recent weeks.
el economista