,
WTI crude oil today increased from $ 0.28 to $ 65.52 per barrel.
The month of August Brent crude was last seen trading at $ 67.91 per barrel by $ 0.18.
Oil prices increased on Monday after bombing the Iranian nuclear sites in the last weekend, but declined after the declaration of ceasefire by US President Donald Trump.
The concern about a long -lasting Middle Eastern conflict between Israel and Iran, which could have triggered a major supply crisis, has now faded due to the Trust, which is not yet with the report of violations from both sides.
During the 12-day war, the majority of oil-related risk-eclasses that inspired it to record high prices was due to the threat of disintegration in the drainage of the hormuz. 20% of global oil transit occurs through this strait.
As this danger has disappeared, investors focus on pricing based on the basic principles of demand-supply. So far, globally supply is higher than demand.
A report by the US Energy Information Administration revealed on Wednesday that raw and oil inventions have fallen by 5.9 million barrels. Along with this, due to the summer journey season, high demand in the US also contributed to the increase in earlier prices.
Oil and energy traders are now focused on the 6 July meeting of OPEC+, where there is a possibility of approving another increase in production by 411,000 BPD.
The organization is keen to grab market share in North America and South America as production. Reports suggest that Russia, a prominent member, may agree to increase production.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
