The EIA reports that the crude oil reserves in the Gulf of Mexico have increased by 1.7M barrels. The import of oil has increased by 0,34M b/d up to 8,72M barrels a day.
The US dollar index is rallying up to the 3-weeks high, which is also pressing oil prices. According to MasterCard, last week’s average demand for gasoline in the USA was 8,01M barrels a day, one of the lowest levels since 2004.
Earlier this week crude oil was supported by the US DOE, which reported about a 1.7M b decline in oil reserves due to higher refining capacity (up to 84%). Yesterday Press TV reported that Iran had suspended the import of crude oil to Greece, Italy, Spain , Portugal , Netherlands and France. Later the Iranian Department of Oil disproved the information.
At this point, there is some excessive demand in the global market of crude oil. Oil prices may grow if Iran does suspend the import of oil to the EU.
According to the Department of Commodity Trading of , a downswing is more probable, either from the current level or from the 102.5-105 range:
