The oil agenda has been on the side of Opec+ countries for quite some time, and the Opec+ deal was achieved with Saudi Arabia and the United Arab Emirates finally making a decision.
Today, the oil agenda has shifted towards the US side.
The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by 6 million 900 thousand barrels (1.8 percent) last week, to approximately 437 million 600 thousand barrels.
As a result, the commercial crude oil stocks of the USA decreased by 7 million 900 thousand barrels last week compared to the previous week. This figure was approximately 3 million above market expectations. Because the market expectation was that it would decrease by 4 million barrels.
According to the US Energy Information Administration (EIA)'s July 2021 Short-Term Energy Outlook Report, the average daily crude oil production of the USA is expected to be 11 million 100 thousand barrels this year and 11 million 900 thousand barrels next year.
Effects of Increase in Gasoline Stocks on Petroleum
After all these developments, a downward trend in oil prices began. The increase in US gasoline stocks was also effective in these decreases in prices. In addition, the opinions that the Organization of Petroleum Exporting Countries (OPEC) and the OPEC group, which is composed of non-OPEC producer countries, will decide to increase the supply as of August within the scope of the production policy, were also influential in this decline.
As of now, Brent Oil is trading at $74.12.
The main resistance levels in Brent Petrol are $75.80 and $76.70.