Oil continues to rise in price due to a decline in US stocks
The cost of one barrel of Brent crude oil rose in price above $70, while WTI contracts exceeded $66 per barrel after the publication of data on oil reserves from the U.S. Ministry of Energy. According to the official report, the volume of the "black gold" reserves in the US fell by 1.1 million barrels for the last week. A report from the American Petroleum Institute, published on the eve, showed that inventories increased by 4.755 million barrels. The fact that EIA data did not confirm API data caused a rapid growth in oil quotes.
Oil prices are also supported by the weakening of the US dollar, which has been observed since the beginning of 2018. Investors lost interest in the US national currency, fearing that China will take countermeasures to introduce in the US the duty on imported refrigerators and solar panels. The amount of duty for refrigerators is 50%. The amount of duty for solar batteries is 30%. Thus, the US government wants to support American producers, which is one of Donald Trump's pre-election promises.