Crude Oil Brent Jul '24 (CBN24)
Crude Oil Brent Futures Market News and Commentary
August WTI crude oil (CLQ26) on Friday closed down -0.67 (-0.93%), and August RBOB gasoline (RBQ26) closed down -0.0541 (-1.78%).
Crude oil and gasoline prices gave up an early advance on Friday and moved lower as prices whipsawed on various news headlines. Crude prices initially jumped on Friday after Iran vowed to respond to the US attacks this week on Iran’s rail and maritime infrastructure. However, crude gave up its advance and turned lower after President Trump said that the US would continue peace talks with Iran. Â
Crude prices were under pressure on Friday after an American official said that talks between the US and Iran over a permanent peace deal are continuing, as the US is still committed to finding a diplomatic solution with Iran. Also, Al Jazeera reported that Qatar said it supports all efforts to defuse US-Iran tensions.
Signs of mounting global supplies also weigh on crude prices, after the International Energy Agency said in a monthly report... Read more
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