ANALYSIS-Oil inventory drops set stage for higher prices
- Date: 31-Jul-2023
- Source: Nasdaq
- Sector:Oil & Gas
- Country:Saudi Arabia
ANALYSIS-Oil inventory drops set stage for higher prices
By Ahmad Ghaddar, Arathy Somasekhar and Trixie Yap
LONDON/HOUSTON/SINGAPORE, July 31 (Reuters) - Oil inventories are beginning to fall in some regions as demand outpaces supply constrained by deep production cuts from OPEC leader Saudi Arabia, providing support for prices which are expected to rise in coming months.
JP Morgan analysts said this month that oil inventories - which include crude and fuel products - now play a bigger role in determining oil prices than the U.S. dollar because Western sanctions on Russia have accelerated oil trading in other currencies.
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