Crude Oil WTI Sep '19 (CLU19)
Crude Oil WTI Futures Market News and Commentary
September WTI crude oil (CLU26) today is down -0.16 (-0.19%), and September RBOB gasoline (RBU26) is down -0.0740 (-2.29%).
Crude oil and gasoline prices gave up an overnight advance and turned lower on hopes for a diplomatic solution to the US-Iran war, along with signs of increased oil tanker traffic through the Strait of Hormuz.  Crude prices initially moved higher today after the dollar index ($DXY) dropped to a 6-week low. Ongoing hostilities in the Middle East are also underpinning crude prices.
Crude oil prices gave up an overnight advance and turned lower after Pakistan's Foreign Ministry said negotiations between the US and Iran are "ongoing" to restore stability, particularly in the Strait of Hormuz.  Also, shipping through the strait has picked up in recent days, with the US claiming its navy escorted some tankers across the waterway.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf.... Read more
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