Oil closes at lowest level in over 4 months
Oil drilling rigs
Oil prices fell at the close of trading today, July 1, settling at their lowest levels since February, as supply concerns eased amid growing optimism over talks between the United States and Iran.
US President Donald Trump announced today that the meetings held in Qatar went well, while his deputy, JD Vance, said that oil flows have returned to pre-war levels.
Technical talks between Washington and Tehran continued in Doha, focusing on ensuring freedom of navigation through the Strait of Hormuz and reaching a permanent ceasefire, as oil tanker traffic through the strait continued to recover.
On another note, data from the US Energy Information Administration showed that crude oil inventories fell by 3.8 million barrels last week, to their lowest level since September 2018, as refinery activity increased ahead of the July 4th holiday.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (September delivery) |
71.57 |
(1.38) |
(1.89%) |
|
WTI (August delivery) |
68.58 |
(0.92) |
(1.32%) |
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