Oil prices increase even if the stockpiles rise more than expected
Oil prices increased on Thursday, although information from the Energy Information Authority (EIA) showed an expected increase in the crude oil reserves.
According to data from EIA, the US crude oil reserve increased by 3,803 million barrels in the week finishing 27 Jun, higher than the expected level of increased 2,794 million barrels.
Imports increased 1,352 million barrels/day and exports dropped 1,373 million barrels/day.
On gasoline reserves, one of petrochemical products, reducing the shackle to 2,536 million barrels, higher than expected to be 1,288 million barrels, while the storage of distilled products, including some fuels such as diesel or oil heating , an increase of 2,983 million barrels, compared to a projected increase of 0264 million barrels.
Delivered 9 months in crude oil increased by 0.09% to 67.72 per barrel at 1:01AM ET (05o1GMT), while Brent oil delivered 10 months up 0.21% up 72.54 USD/carton.
Meanwhile, the oil remained under pressure when the trade tensions returned and president Trump was considering raising tax rates on China's goods.
American Trade Representative Robert Lighthizer said that President Trump is considering a 25% tax rate instead of 10% as before up 200 billion in China's commodity because China refused the proposal by the US side.
Lighthizer says: "The increase in tax rate is aimed at helping us to have more options to promote China's changing policies and their harmful practices and adopt policies that bring more equitable and prosperous markets to the entire population America ".
Richard Kelly, global leader at TD Securities said in an interview with Reuters: "General growth is still and when there is risk, it will stop. The overall picture of the trade wars and The Guardian is a death slowly, a death coming from thousands of cuts replaced by an unexpected and shocking mechanism ".
According to data from EIA, the US crude oil reserve increased by 3,803 million barrels in the week finishing 27 Jun, higher than the expected level of increased 2,794 million barrels.
Imports increased 1,352 million barrels/day and exports dropped 1,373 million barrels/day.
On gasoline reserves, one of petrochemical products, reducing the shackle to 2,536 million barrels, higher than expected to be 1,288 million barrels, while the storage of distilled products, including some fuels such as diesel or oil heating , an increase of 2,983 million barrels, compared to a projected increase of 0264 million barrels.
Delivered 9 months in crude oil increased by 0.09% to 67.72 per barrel at 1:01AM ET (05o1GMT), while Brent oil delivered 10 months up 0.21% up 72.54 USD/carton.
Meanwhile, the oil remained under pressure when the trade tensions returned and president Trump was considering raising tax rates on China's goods.
American Trade Representative Robert Lighthizer said that President Trump is considering a 25% tax rate instead of 10% as before up 200 billion in China's commodity because China refused the proposal by the US side.
Lighthizer says: "The increase in tax rate is aimed at helping us to have more options to promote China's changing policies and their harmful practices and adopt policies that bring more equitable and prosperous markets to the entire population America ".
Richard Kelly, global leader at TD Securities said in an interview with Reuters: "General growth is still and when there is risk, it will stop. The overall picture of the trade wars and The Guardian is a death slowly, a death coming from thousands of cuts replaced by an unexpected and shocking mechanism ".
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