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According to the Iranian Students News Agency, Iraqi sources say that several violent explosions and widespread fires have occurred at the Jambul oil field in Iraqs Kirkuk province.According to Irans Fars News Agency, a spokesperson for the Iranian Revolutionary Guard stated that if Britain supports the United States in a war, it will become a clear and legitimate target.On July 26, when asked whether the Iranian Revolutionary Guard Corps initiated the war, a spokesperson stated that according to the agreement, passage through the Strait of Hormuz should be conducted in accordance with Iranian regulations. However, the United States, as expected, violated the agreement and announced an alternative passage route. Following this breach, the Revolutionary Guard Corps blocked the passage of vessels and struck those violating the rules. It was hoped that the United States would return to fulfilling its commitments, but this did not happen; instead, it attacked our coast, islands, and some radar facilities. Therefore, this new round of aggression once again originated from the United States. The Revolutionary Guard Corps attacks were intended to force the United States to fulfill its commitments, thus launching Operation Victory 2.July 26th - According to French LCI television news, Trump stated regarding Iran that if we cannot get 100% of what we want from Iran, we will absolutely consider resuming a full-scale war. When asked what he would like to say to European allies, Trump said they are lucky to have a friend like him.Ukrainian President Zelensky: Russian satellite monitoring shows that Moscow is assisting Tehran in its strike operations in the Middle East.

WTI: A sluggish U.S. dollar and a declining inventory of crude oil weigh on purchasers above $69.00

Alina Haynes

Mar 22, 2023 14:36

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WTI crude oil gains offers to reduce intraday losses, the first in three sessions, during Wednesday's sluggish early trading. However, the price of black gold fell during the initial hours following the release of negative inventory data, the US Dollar's corrective rebound, and price-negative industry news. However, the dollar's inability to hold its ground and cautious optimism in the market appear to aid the energy benchmark as it posts modest losses near $69.30 at the latest.

 

Tuesday, the private Oil inventory data provider American Petroleum Institute (API) reported that the Weekly Oil Stock increased by 3,262 million barrels for the week ending March 17, compared to the previous week's increase of 1,155 million barrels.

 

In addition to the higher inventory levels, the US Dollar's corrective recovery, supported by an initial revival in US Treasury bond yields, favored WTI crude oil sellers following a two-day uptrend.

 

In addition, a lack of encouraging news from China President Xi Jinping's meeting with his Russian counterpart Vladimir Putin, despite their criticism of Western assistance to Ukraine, appears to exert downward pressure on the Oil price.

 

In addition, optimistic news from Reuters regarding the US oil refining industry encourages WTI bears. "The US oil refining industry expects to maintain a competitive advantage in exporting fuel to Latin America, despite Brazil's increased imports of Russian diesel," reported Reuters, citing an official from a leading US refining lobby.

 

WTI traders are primarily challenged by the market's indecision preceding the Federal Open Market Committee (FOMC) monetary policy meeting. Wednesday will see the release of weekly Crude Oil inventory data from the US Energy Information Administration (EIA), which is anticipated to be -1.448M compared to the prior week's 1.55M.


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