Oil price: EIA sheds light on yet another crucial factor in the game
The price of crude oil extended the losses for three successive weeks, following the linear fate of LNG, liquified natural gas, which fell by over 40% in June, having reached the highest at $9.33. As of 09:45 GMT, the prices of WTI, Brent and LNG stood at $106.37, $109.90 and $5.72 respectively. The lingering fear of a major global recession weighs heavily on the current sentiments in the energy markets; the obvious supply-side woes have not been able to push the prices up steadily in the recent weeks, defying the pundits. The OPEC+, meanwhile, reiterated its commitment to increase the production by 648,000 bpd for July and August in their latest monthly meeting on Thursday. The cartel, however, did not say about their plans beyond August, implying the anxiety of the members over the demand in the coming months. Although analysts intensely focus on the US crude inventory data that is available on weekly basis from two major sources, the EIA, US Energy Information Administration, sheds