Brent crude oil fell 1.8% to US$97.95 per barrel. June data released overnight showed that upward pressure on U.S. prices continues to expand, with year-on-year increases hitting a new high in more than 40 years. The Federal Reserve is expected to step up its efforts to combat in

Financial news on July 14: WTI crude oil fell by more than 2% and is now at $94.35/barrel; Brent crude oil fell by 1.8% and was at $97.95/barrel.

June data released overnight showed that upward pressure on U.S. prices continues to expand, with the year-on-year increase hitting a new high in more than 40 years. The Federal Reserve is expected to increase its efforts to combat increasingly severe inflation. The rate hike is expected to increase to 100 this month. base point. The U.S. dollar index continued to hit a new high since October 2002 to 108.646, raising the procurement costs of overseas buyers.

The U.S. Energy Information Administration said on Wednesday that crude oil inventories increased by 3.254 million barrels to 423.8 million barrels in the week ended July 8, while market expectations were for a decrease of 1.933 million barrels. But this was mainly due to another large release of strategic reserves, with strategic petroleum reserve inventories falling by nearly 7 million barrels to the lowest level since August 1985.

U.S. President Biden will fly to Saudi Arabia on Friday (July 15), where he will attend a summit of Gulf allies and call on these allies to accelerate the increase in oil production. But it will be difficult for Biden to achieve his goal because spare capacity in the Organization of the Petroleum Exporting Countries (OPEC) is shrinking and most oil-producing countries have released all production capacity.

This article comes from the financial industry