Crude Oil WTI Oct '21 (CLV21)
Crude Oil WTI Futures Market News and Commentary
October WTI crude oil (CLV26) is down -0.04 (-0.05%) today, and October RBOB gasoline (RBV26) is up +0.04043 (+1.38%).
Crude oil and gasoline prices are mixed today, with crude oil falling to a 1.5-week low. Crude prices are slightly lower today, adding to this week’s losses, as Iran and Oman discussed a potential deal to resume shipping through the Strait of Hormuz. Crude prices recovered from their worst level, and gasoline erased early losses and turned higher on a bullish EIA inventory report.
Crude prices came under pressure today after the Oman News Agency reported that Iranian Foreign Minister Abbas Araghchi and his Omani counterpart Badr Albusaidi discussed an initiative to establish a "temporary joint maritime corridor" aimed at resuming transit through the Strait of Hormuz. Iran’s Tasmin News Agency reported that the two sides will hold further talks to “negotiate a new permanent route within 30 to 60 days” for shipping through the strait.
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