Crude Oil Brent Mar '10 (CBH10)
Crude Oil Brent Futures Market News and Commentary
June WTI crude oil (CLM26) today is down -0.36 (-0.38%), and June RBOB gasoline (RBM26) is down -0.0073 (-0.22%). Â Crude oil and gasoline prices gave up early gains today and turned lower after Pakistan said a second round of US-Iran peace talks is expected.
Optimism that the US and Iran are moving toward talks after days of deadlock is weighing on crude prices. Â Bloomberg reported today that Iranian Foreign Minister Abbas Araghchi is expected to arrive in Pakistan on Friday night for a possible second round of peace talks between the US and Iran.
Energy prices remain underpinned as the Strait of Hormuz remains essentially closed, threatening to deepen the global energy crisis.  The ongoing blockade could exacerbate global oil and fuel shortages, as about a fifth of the world’s oil and liquefied natural gas transits through the strait.  Goldman Sachs estimates that crude output in the Persian Gulf has been curtailed by about 14.5 million bpd, or more than 50%, so far in... Read more
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