Oil Prices Rose Amid Falling US Crude Stocks and Increased Tension with Iran
- Trade Magnates Team
- Jun 26, 2019
- 1 min read
Oil prices were up on Wednesday as tension rose between the US and Iran. WTI crude futures were at $58.90, up by nearly 2% and Brent crude futures were at $65.90 a barrel, up by 1.3%.
Oil prices reached to their highest in nearly a month as investors are worried of the increased tension between US and Iran and a possible conflict is in the horizon.
This gain was triggered mainly after the API data showing a decrease in US crude inventories by 7.5 million barrels last week.
President Trump threatened yesterday to attack Iran if Iran attacked “anything American”. With these comments, traders are worried that this tension will eventually lead to a military conflict which will then cause an interruption to Oil shipment and impact the Oil prices further.
Investors are eying on the G-20 summit this weekend as the Russian President Vladimir Putin will meet with the Saudi Crown Prince Mohammed Bin Salman to discuss if there will be an extension on the current production cut agreement between OPEC and other producers.
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