WTI oil drops over 2 % before forecasts from supply increase



Oil prices dropped on Thursday (July 15th), which expanded the trend as investors forecasted the most used oil groups in the world.
After trading session on Thursday, Brent's raw oil contract has dropped 1.73 % off to $ 73.47 / barrel. WTI oil contract lost 2.02 % to $ 71.65 / barrel.
These two contracts have fallen over 2 % on July 14, after Reuters reported that Saudi Arabia and UAE have reached a coordination to open a way for an agreement to supply additional oil market to tighten up and drop the price of oil.
A discussion between oil export (OPEC) and Russian collusion, which is called OPEC + failed this month after UAE denied the extend of the group supply contract until April 2022
UBS Giovanni Staunovo's analyst says: ′′ The fuel market is higher than the supply, the raw oil market will probably be tighter this summer We believe the next increase in global oil stock can increase Brent's fuel prices to $ 80 / barrel and WTI oil to $ 77