US Oil Update: Futures Settle Higher as US-Iran Conflict Intensifies, Inventories Tighten
Crude oil futures settled higher in after-hours trading on Wednesday as the US intensified strikes against Iranian targets, raising concerns over potential crude supply disruptions, while a smaller-than-expected draw in US crude inventories provided additional support. Front-month West Texas Intermediate crude futures gained 1.3% to $80.34 per barrel, while Brent futures were up 1.3% to $85.85/bbl. Gelber & Associates said that the market appears caught between improving sentiment and a technically important resistance zone, with traders looking for a catalyst strong enough to determine whether the rebound has further room to run. US commercial crude oil inventories decreased by 1.7 million barrels to 409.7 mmbbls in the week ended July 10, the Energy Information Administration said in its weekly report on Wednesday, less than Investing.com's forecast of a 1.8-mmbbl draw. Crude inventories are now about 6% below the five-year average for this time of year, the agency said. On Wednesday, the US launched a fresh round of attacks on Iran, hours after President Trump said military strikes would intensify next week if Tehran does not cooperate in peace negotiations. US Central.
Crude oil futures settled higher in after-hours trading on Wednesday as the US intensified strikes against Iranian targets, raising concerns over potential crude supply disruptions, while a smaller-than-expected draw in US crude inventories provided additional support.
Front-month West Texas Intermediate crude futures gained 1.3% to $80.34 per barrel, while Brent futures were up 1.3% to $85.85/bbl.
Gelber & Associates said that the market appears caught between improving sentiment and a technically important resistance zone, with traders looking for a catalyst strong enough to determine whether the rebound has further room to run.
US commercial crude oil inventories decreased by 1.7 million barrels to 409.7 mmbbls in the week ended July 10, the Energy Information Administration said in its weekly report on Wednesday, less than Investing.com's forecast of a 1.8-mmbbl draw.
Crude inventories are now about 6% below the five-year average for this time of year, the agency said.
On Wednesday, the US launched a fresh round of attacks on Iran, hours after President Trump said military strikes would intensify next week if Tehran does not cooperate in peace negotiations.
US Central.