US "collapsed" Oil Prices

What's happening in the marketplace?

Oil has fallen in price on world markets. In the morning of July 31, futures for Brent with delivery in September, fell in price by 18 cents, or 0.3% - $73.06 per barrel. The October contract decreased by 26 cents, or 0.4% - to $72.21 per barrel.

At the same time, the September futures for WTI oil decreased by 17 cents - to $69.83 per barrel. In turn, in expert circles note: such cheapening was the market's reaction to the statements of US President Donald Trump on Russia's war against Ukraine.

Reuters reports. It recalled that Trump announced the imposition of new duties against Russia's trading partners within the next 10 to 12 days - provided the Kremlin does not take real steps toward ending the war during that time.

"Fears that secondary duties on countries that import Russian oil will reduce supplies continue to drive buying interest. ... At the same time, the U.S. also warned China that it could face high tariffs if it continues to buy Russian oil," the report says.

Another factor that influenced the cheapening of oil, analysts note, is "an unexpected increase in oil reserves in the United States." The reason for this, it is emphasized, was a decline in exports.

At the same time, according to analysts, the decline in gasoline stocks was greater than predicted. That, it is stated, "as a whole has a neutral impact on the oil market".

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