Crude Oil Brent Dec '21 (CBZ21)
Crude Oil Brent Futures Market News and Commentary
July WTI crude oil (CLN26) on Tuesday closed down -2.71 (-2.81%), and July RBOB gasoline (RBN26) closed down -0.2046 (-6.10%). Â Crude oil and gasoline prices settled sharply lower on Tuesday, with crude falling to a 2.5-week low and gasoline dropping to a 5-week low. Â Crude prices are under pressure amid signs that peace negotiations between the US and Iran are progressing, bolstering optimism that the Strait of Hormuz could soon reopen and replenish depleted global oil supplies. Â
Crude prices retreated on Tuesday on signs that peace negotiations between the US and Iran are progressing. Â According to the Washington Post, the US and Iran have agreed to a memorandum extending the ceasefire by 60 days as the two sides seek a permanent deal. Â If agreed, the Strait of Hormuz would be de-mined and reopened in the meantime. Â Secretary of State Rubio said negotiations will still "take a few days" as both sides discuss language in an initial document.
However, crude oil prices b... Read more
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