The Level At Which Prices are Reaching Pressures The Oil Market

After the stock data from the USA, oil consolidates its 3-month peak, while the level of prices is pushing inflationary pressures.

While the strong course of oil continued, US crude oil was traded at $122, while Brent oil climbed to $124. According to figures released by the US Energy Information Administration, crude oil inventories dropped to the lowest level since the beginning of March, while fuel stocks experienced the lowest driving season in 8 years. Fuel prices in the country skyrocketed to record levels. As a result of the reflection of the increase in the oil price on the gas stations, the gallon price of gasoline in the USA rose above 5 dollars. The whole world was affected by this increase. Warren Paterson, Director of Commodity Strategy at ING Groep NV, revealed that the level of fuel stocks announced in the USA is generally close to the level seen at the end of the driving season, but the driving season has not yet been completed. Warren Paterson noted that the tightening in refined products will continue in the coming period, adding that an upward momentum can be seen in crude oil prices. Crude Oil Forecast from the USA The US Energy Information Administration (EIA) has revised up its Brent and West Texas Intermediate (WTI) crude oil price forecast for this year. In the "June 2022 Short Term Energy Outlook Report" of the EIA, it was predicted that the average price of Brent crude oil would be $107.37 per barrel for this year, compared to $103.35 in the May report. In the statements, it was predicted that the price of a barrel of WTI crude oil would be 102.47 dollars for this year. The barrel price of WTI was estimated at $98.20 in May. It is estimated that next year, the price of Brent crude oil per barrel will be $97.24, and the price of WTI crude oil will be $93.24 per barrel.