International oil prices continue to rise on Wednesday, and the market continues to assess the supply risk associated with transport uncertainties in the Strait of Hormuz. Brent's crude oil rose by $91 and WTI was close to $85, with two base oil prices recording a fourth consecutive trading day.
Brent's crude oil futures morning pallets rose by $0.26 to USD 91.28 per barrel; WTI crude oil in the United States increased by $0.37 to USD 85.31 per barrel. On the previous date, both had been in high places since 24 July.
It's $92 for the oil test.
On the whole, Brent crude oil once touched $92 in the current round and then returned to this position. Markets see $92 as a short-term, critical area where oil prices could fall back if they were not stable; continued breakthroughs mean that supply risks continue to dominate transactions.
The oil has previously rebounded rapidly from a low of 78.74 dollars, and therefore the vicinity of $92 has also become an important observation point for the continuation of the current round.
Shipping adjustment to reduce part of the pressure
Supply-side information indicates that Saudi Arabian resumed the loading of some of the crude oil shipped within the Strait of Hormuz. Iraq has also approved an alternative export mechanism, which is scheduled to begin on 1 September. Meanwhile, some Chinese shipping lines have been rerouted to avoid the Straits of Hormuz and Mande.
These arrangements have somewhat eased the market ' s concerns about the disruption of exports, but have not eliminated the uncertainty surrounding the transport of crude oil in the Middle East, so that the risk premium remains in oil prices.
WTI approach orientation selection
WTI crude oil is also approaching critical positions. Current prices are fluctuated near the lower drag line, while the lower support is gradually rising and the trade area continues to shrink. Markets are generally concerned about whether the follow-up will be an upward breakthrough or a downside.
On the basic side, the International Energy Agency indicated that the global crude oil supply ring increased by 2.4 million barrels per day in July, but remained 6.3 million barrels per day lower than the same period the previous year. The Agency expects that the global crude oil market will continue to face a supply gap of 1.8 million barrels per day in the third quarter.
Market waiting for U.S. stock data
The focus of the market then turned to the forthcoming weekly oil inventory report of the United States Energy Information Agency. The Reuters survey shows that analysts expect the United States crude oil stock to be reduced by about 600,000 barrels.
The change in stocks will provide new directions for short-term prices. The current oil market is still sawing between supply risks and the gradual resumption of alternative transportation, and whether the tar is stable at $92 and WTI can break through existing areas and become the next focus of market attention.