Crude Oil Brent Nov '11 (CBX11)
Crude Oil Brent Futures Market News and Commentary
June WTI crude oil (CLM26) on Wednesday closed down -7.19 (-7.03%), and June RBOB gasoline (RBM26) closed down -0.1613 (-4.46%). Â Crude oil and gasoline prices plummeted on Wednesday, with crude falling to a 2-week low and gasoline sliding to a 1-week low. Â Optimism that a US-Iran peace deal is imminent sparked long liquidation in energy prices on Wednesday. Â Crude prices added to their losses on a bearish weekly EIA inventory report. Â
Crude prices plummeted on Wednesday after Axios reported that the US believes it's close to an agreement with Iran to end the nearly 10-week war. Â The US sees Iran responding within 48 hours to a one-page memorandum of understanding to end the war, which would include both sides lifting restrictions on the Strait of Hormuz. Â
The US believes it's close to an agreement with Iran to end the war, and President Trump suspended a military initiative to guide stranded ships through the Strait of Hormuz and said, "Great progress has been made to... Read more
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