Crude Oil WTI Apr '21 (CLJ21)
Crude Oil WTI Futures Market News and Commentary
June WTI crude oil (CLM26) on Tuesday closed down -0.89 (-0.82%), and June RBOB gasoline (RBM26) closed down -0.0645 (-1.72%). Â Crude oil and gasoline prices retreated on Tuesday after the dollar index ($DXY) jumped to a 6-week high. Â Crude prices also moved lower after President Trump late Monday said he called off a strike on Iran scheduled for Tuesday after Gulf allies asked for more time to give diplomacy a chance. Â Losses in crude were limited as the Strait of Hormuz remains closed, tightening global oil supplies.
Hopes that a peace deal to end the US-Iran war is near are undercutting crude prices after President Trump on Tuesday said that Iran is "being reasonable" and that he will "maybe" give them until early next week to make a peace deal.
Crude prices added to their losses on Tuesday after a senior NATO military official said the group is considering helping ships pass through the Strait of Hormuz if the waterway isn't reopened by early July. Â
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