Oil prices fall amid profit-taking
Oil tanks
Oil prices turned lower today, July 16, as investors booked profits and assessed the risks associated with the new wave of US strikes on Iranian military sites.
Hiroyuki Kikukawa, Chief Investment Strategist at Nissan Securities, noted that despite regional mediation efforts and the unlikelihood of all-out war, US crude could rise to levels between $85 and $87 depending on developments in the conflict, Reuters reported.
Goldman Sachs expects Brent crude to surpass the $110 per barrel mark in the last quarter of this year as the recovery of Middle East exports falters, while it may fall back to the $60 range if tensions subside.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (September delivery) |
84.55 |
(0.40) |
(0.45%) |
|
WTI (August delivery) |
79.34 |
(0.26) |
(0.35%) |
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