Oil prices rise at this time on Tuesday. Despite the fact that crude oil has started the session in red and struggling to maintain the 40 dollars (in the case of the Brent barrel) at this time they are rising, 0.6% in the case of the European benchmark, up to 43 dollars, and 0.5% in the case of West Texas, benchmark in the United States. Crude has its sights set on excess US shale inventories.
Despite the initial drops, the underlying trend is still positive for the so-called black gold. The market is being supported by cuts from OPEC and its allies.
But demand continues to worry. In the US alone, 16 states have registered a rebound in coronavirus infections in the first five days of July, according to data collected by the Reuters agency. "Summer demand for crude oil is low in the US and the fear of further confinement is a major headwind," ANZ experts warn.
The American Petroleum Institute anticipates that this Wednesday the crude reserves in the country will increase by 100,000 million. At the same time, the government has closed the dakota plant, the largest crude transporter artery in the region.
Beyond these possible ballasts to its listing, the shale comes from closing its best quarter in 30 years. Ince its lows in April, the month in which West Texas entered negative territory for the first time in its history, shale prices have increased by 165%.
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