The price of oil futures rose by about 1% after falling by about 6% yesterday and reaching its lowest level since October 1. The price recovery was triggered by the news that the United States is preparing to purchase oil for the Strategic Petroleum Reserve. The situation in the Middle East also remains in focus, although concerns have eased slightly after the Israeli retaliatory strike, which did not affect Iran's nuclear facilities and oil infrastructure.
Yesterday, the U.S. said it was seeking up to 3 million barrels of oil for the Strategic Petroleum Reserve for delivery through May next year. Although this news supported the market, experts pointed to the risks of further price declines, as peak winter kerosene demand season in the Northern Hemisphere was still some way off while demand in China remained sluggish.
Investors are also preparing for the publication of weekly data on oil reserves in the United States. Economists expect oil and gasoline stocks to rise last week, while distillate stocks declined. Later today (at 20:30 GMT), the American Petroleum Institute will present its report, and tomorrow official data from the Energy Information Administration will be released.