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In the early morning of the 14th, Beijing time, crude oil futures closed higher on Tuesday, and US WTI crude oil hit its highest level in more than two years.
Analysts said that although there are concerns that the spread of the delta variant of the new crown virus may cause economic damage and decline in energy demand, the expectation of another drop in US crude oil inventories has supported oil prices.
Manish Raj, Chief Financial Officer of Velandera Energy, said: “We are seeing a severe shortage of physical crude oil supply, which requires the release of inventories to meet demand. Crude oil inventories cannot be withdrawn indefinitely. refill supplies.”
The American Petroleum Institute (API) and the U.S. Energy Information Administration (EIA) will release last week’s crude oil inventory data on Tuesday and Wednesday.
Analysts currently surveyed by S&P Global Platts Energy Information expect on average that the EIA crude oil inventory data for the week ending July 9 will be reduced by 4.9 million barrels, which will be the eighth consecutive week of decline.
The price of West Texas Intermediate Crude Oil (WTI) futures for August delivery on the New York Mercantile Exchange rose 1.15 US dollars, or nearly 1.6%, to close at 75.25 US dollars per barrel, the highest closing price since October 2018.
LondonIntercontinental ExchangeThe price of Brent crude oil futures for September delivery rose 1.33 US dollars, or 1.8%, to close at 76.49 US dollars per barrel, the highest price since July 5.
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