World oil price today 07/24/1405

The price of oil in today's transactions, despite a slight decrease, continued to record weekly growth.

According to Ambassador Arjan, according to the latest trading reports on Friday, the future price of Brent crude oil decreased by 50 cents, equivalent to 0.47%, to 105 dollars and 42 cents per barrel. US West Texas Intermediate crude oil also traded down 49 cents, equivalent to 0.50%, at the level of $97 and 48 cents per barrel.

Despite the daily drop, Brent has increased by 0.49% and US oil by 5.91% since the beginning of the week. West Texas Intermediate (WTI) rose more than 3 percent in Thursday's trading, following the release of data on a significant decline in US crude oil inventories. According to the report of the US Energy Information Administration, the country's crude oil reserves decreased by 8.6 million barrels in the week ending October 9 and reached 415.6 million barrels; A drop that was more than analysts predicted.

Analysts of "ING" Bank believe that concern about the stability of oil flow from the Strait of Hormuz has brought considerable risk to the prices. According to them, reaching an agreement between the United States and Iran can increase the confidence of the market regarding the continued supply of oil from the region.

According to the data of Kepler Energy Information Company, the average oil passing through the Strait of Hormuz in the seven days ending on October 13 reached 11.62 million barrels per day; A figure equivalent to about 68% of the base level of 17.15 million barrels per day. The company's analysts have warned that without reaching a comprehensive political agreement, the return of oil flow from this strategic route to normal is likely to be slow and accompanied by volatility.

Meanwhile, the International Energy Agency has agreed to release more than 20 million barrels of diesel and oil left over from the emergency stockpile release program. This action is done with the aim of increasing supply and reducing pressure on energy prices; However, the market reaction shows that geopolitical concerns continue to have an important effect on trading.

On the other hand, an American official has announced that Donald Trump's administration is considering the possibility of canceling sanctions against some ships known as the "Shadow Fleet"; Ships that carry oil and oil products from countries including Russia, Iran and Venezuela. These reviews have been raised after the temporary cancellation of some sanctions related to Russian diesel; An action that was criticized by the President of Ukraine, a number of European countries and some American Republicans.

All in all, although the decrease in US reserves and concerns about the disruption of oil transportation routes support prices, the possibility of increased supply from emergency reserves and the change in Washington's sanctions policy can prevent further price growth. However, until the security situation of the Strait of Hormuz and the prospect of an agreement between the United States and Iran are clarified, the oil market will continue to fluctuate.