OIL prices show moderate gains and maybe a reversal

Oil prices on NYMEX have moved into positive territory on the background of buying at low prices at the expiry of contracts.

Earlier today, WTI oil prices fell to a new three-month low, as concerns over the glut of world reserves of oil and petroleum products continue to dominate market sentiment.

Oil prices remain under pressure after the US Energy Information Administration (EIA) said in its weekly report that crude oil inventories rose by 1.7 million barrels in the week ended July 22 to 521.1 million barrels, the ministry called “historically high levels for this time of year.”

In recent weeks, the US standard remains under pressure amid signs of recovery in the US drilling activity combined with higher fuel product inventory.

Oil prices have fallen nearly 18% from a peak of $ 50 in early June, as the excess gasoline stocks overshadow prospects for oil demand.

The cost of the September futures on WTI rose to 41.40 dollars per barrel.

September futures price for North Sea petroleum mix of Brent crude rose to 43.45 dollars a barrel on the London Stock Exchange ICE Futures Europe.

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