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The WTI crude oil contract for August delivery was closed to settle at $ 64.92 per barrel.
August Brent crude was last seen trading, which ran from $ 0.66 to $ 67.80.
The 12-day war between Israel and Iran, which began on June 12, ended yesterday, when US President Donald Trump said the two countries had agreed to the ceasefire. Trump also carried forward Iran to continue the supply of crude oil to China to Iran.
Today, Trump said the ceasefire “is going well”.
With Trus Holding, the possibility of disintegration for the draft of the hormuz in the Persian Gulf through which the global oil passes about 20% of the shipment, stands up.
Although the concerns of the supply chain have been overcome, oil traders are looking at the development between Israel-Iran relations.
The Energy Information Administration today said that American crude, gasoline and distilled inventory fell for the week ended on 20 June. The report said that 5.8 million barrels in raw inventions fell to 415.1 million barrels.
The American Automobile Association has estimated that 61.6 million people will travel fourth in the July holiday season (June 28 to July 6), which would suggest a demand for more than 2.2% strong gasoline from last year.
Oil prices increased to a height of five months after Iran’s attack on Iran’s nuclear facilities over the previous weekend, but in particular, the 12-day war did not cause any significant damage to the oil and energy supply or demand side.
Analysts focus on the schemes of the US Fed Chair at interest rates as low rates can ignite economic activity and oil demand.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
