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Brent crude oil shows an increase at the trading session on Tuesday

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Brent crude oil shows an increase at the trading session on Tuesday

Brent crude oil shows an increase at the trading session on Tuesday
July 12
09:00 2016

Oil slightly increases in price on Tuesday against the background of the report of disruptions in the raw material shipment in the main Iraqi port Basrah as well as the anticipation of the new weekly information about the level of the US fuel stocks.

The general negative mood in the market is being maintained. Prices remain stable near two-month lows. The fears of the growth of oil supply in the market with the unstable demand are triggering. Investors are worried because of the increasing volumes of drilling of the wells in the United States, the continuing high level of stocks, the growth of raw materials export from Iran. At the same time in the last few days the problems with the resumption of the supply of “black gold” from Canada and Nigeria were resolved.

There are some predictions that official data will show the decrease of the US oil stocks by more than 3 million barrels.

Disruptions with the shipment of oil in Basrah happened due to the leakage of oil from the pipeline.

On the London Stock Exchange the price of September futures contracts for Brent crude oil increased by 0.3% – to $ 46.38 per barrel to the beginning of the day.

The price of August futures contract for WTI crude oil on trading of the New York Mercantile Exchange rose by 0.2% – to $ 44.86 per barrel at that time.

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