The crude oil market on Tuesday remained lower after its price fell for two consecutive days amid expectations of abundant supply and weak demand.
Brent crude futures for September rose 11 cents to $82.51 a barrel and West Texas Intermediate (WTI) for September rose 5 cents to $78.45 a barrel.
The market is now waiting for the latest news regarding the issue of Joe Biden's withdrawal in the Presidential election to be replaced by his deputy Kamala Harris. Most of the market is confident that neither candidate will put heavy policy pressure on the oil and gas trade.
On the other hand, Morgan Stanley analysts said the market will probably balance the price position by the fourth quarter in order to deal with the increased oversupply going into next year.
The American Petroleum Institute is expected to release an oil inventory estimate report on Tuesday and official data by the US government on Wednesday.
Markets forecast US crude oil stocks to fall by an average of 2.5 million barrels in a week and gasoline stocks are expected to fall by 500,000 barrels.
They will also pay attention to the development of geopolitical conflicts in Russia. Recently, the Tuapse oil refinery located on the Black Sea was damaged by a Ukrainian war drone attack and caused a fire.
However, the damage is not too serious and immediate.
Further attacks on Russian refining capacity will continue to increase the price of crude oil products due to lower production yields.
Indirectly, the price will increase for the value of export goods.
