US Oil Update: Crude Steadies as Hormuz Exports Recover, US-Iran Talks Advance
Crude oil futures held firm in after-hours trading on Thursday as crude exports through the Strait of Hormuz continued to recover and indirect talks between the US and Iran showed signs of progress, easing concerns over potential supply disruptions. Front-month West Texas Intermediate crude futures eased 0.17% to $68.46 per barrel, while Brent futures were up 0.04% to $71.60/bbl. Gelber & Associates said that WTI crude is trading at $68.10/bbl, down $0.48/bbl and about 0.70% over the day, as the market holds near pre-conflict levels while traders balance improving Middle East supply access against lingering demand concerns. US commercial crude oil inventories decreased by 3.8 million barrels to 408.4 mmbbls in the week ended June 26, the Energy Information Administration said in its weekly report on Wednesday. US Strategic Petroleum Reserve inventories dropped to 325.7 mmbbls for the week ended June 26, down from 331.2 mmbbls a week ago, marking a weekly decline of 5.5 mmbbls, EIA data showed. Saxo Bank strategists said that, combined with ongoing releases from the Strategic Petroleum Reserve and demand curtailed by recent high prices, the market remains exposed to a.
Crude oil futures held firm in after-hours trading on Thursday as crude exports through the Strait of Hormuz continued to recover and indirect talks between the US and Iran showed signs of progress, easing concerns over potential supply disruptions.
Front-month West Texas Intermediate crude futures eased 0.17% to $68.46 per barrel, while Brent futures were up 0.04% to $71.60/bbl.
Gelber & Associates said that WTI crude is trading at $68.10/bbl, down $0.48/bbl and about 0.70% over the day, as the market holds near pre-conflict levels while traders balance improving Middle East supply access against lingering demand concerns.
US commercial crude oil inventories decreased by 3.8 million barrels to 408.4 mmbbls in the week ended June 26, the Energy Information Administration said in its weekly report on Wednesday.
US Strategic Petroleum Reserve inventories dropped to 325.7 mmbbls for the week ended June 26, down from 331.2 mmbbls a week ago, marking a weekly decline of 5.5 mmbbls, EIA data showed.
Saxo Bank strategists said that, combined with ongoing releases from the Strategic Petroleum Reserve and demand curtailed by recent high prices, the market remains exposed to a.