Oil supported by the anticipation of a drop in US stocks

Brent ends with a gain of 0.6% to 44.43 dollars and WTI ends with a jump of 1.7% to 41.70 dollars.

Oil prices ended up on Tuesday, driven by the hope of a new plan to support the economy in the United States, by a hurricane season that promises to be eventful and by the anticipation of a decline US stocks of crude.

In London, a barrel of Brent North Sea for delivery in October appreciated 28 cents or 0.6% to end at 44.43 dollars.

In New York, WTI’s US barrel for September gained 69 cents, or 1.7%, to close at $ 41.70.

Crude prices, which spent most of the session falling, gained ground “thanks to hopes of a stimulus package and after a series of positive economic data illustrating the recovery of the manufacturing industry,” said esteemed Edward Moya, from Oanda.

On Tuesday, the White House and the US Congress were still trying to agree on additional aid to be provided to the millions of unemployed and to the companies most affected by the new coronavirus.

Several indicators also showed Monday that the activity of the manufacturing sector in China, the United States and Europe, had continued to recover in July after a strong air gap in the spring.

The United States also continued to be affected by tropical storm Isaias, which climbed the American Atlantic coast on Tuesday and caused power cuts for hundreds of thousands of people in the process.

“The rate at which hurricanes succeed enough to be named is currently at an all-time high,” ClipperData analysts said.

“We have already had nine hurricanes with a name, while a season has an average of twelve,” they added.

This affects oil flows, especially imports and exports, as hurricanes disrupt deliveries.

Market players were also awaiting the release of weekly data on stocks of petroleum products in the United States, the world‘s largest consumer of black gold, on Wednesday.

According to a compilation of estimates by the Bloomberg agency, crude stocks should have fallen by 3.35 million barrels and those of gasoline by 500,000 barrels.

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