Crude Oil Trading Alert Tuesday:

Crude Oil Trading Alert Tuesday:

In early Asian trade, U.S. oil was trading around $87.7 a barrel; oil prices closed higher on Monday, shrugging off weak demand expectations as supply concerns intensify as winter approaches. Data released by the U.S. Department of Energy (DOE) on Monday showed that the U.S. Strategic Petroleum Reserve inventory fell by 8.4 million barrels in the week to September 9 to 434.1 million barrels, the lowest level since October 1984; In the deadlock, Iranian crude oil may have no hope of returning to the market in the short term.

Bullish factors affecting oil prices on forex online trading

[Supply concerns intensify as the heating season approaches]

Crude inventories in U.S. emergency reserves fell by 8.4 million barrels to 434.1 million barrels in the week ended Sept. 9, according to the U.S. Department of Energy. The release of 8.4 million barrels of crude from the Strategic Petroleum Reserve (SPR) was the largest release since May and brought inventories to their lowest level since October 1984.

Global oil supplies are expected to tighten further after the European Union's embargo on Russian oil came into effect on December 5. The Group of Seven nations will impose price caps on Russian oil to limit the country's oil export earnings, seeking to punish Russia for its aggression in Ukraine, while taking steps to ensure oil can still flow to emerging nations. However, the U.S. Treasury Department warned that the cap could make oil and U.S. gasoline more expensive this winter.

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