Crude Oil WTI Nov '24 (CLX24)
Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN26) on Wednesday closed down -5.21 (-5.55%), and July RBOB gasoline (RBN26) closed down -0.0798 (-2.54%). Â Crude oil and gasoline prices on Wednesday fell sharply for a second day, with crude posting a 5-week low and gasoline posting a 6-week low. Â Crude prices are under pressure in hopes of a peace deal between the US and Iran that could soon reopen the Strait of Hormuz. Â
Crude prices sold off on Wednesday after Iranian television said it obtained an unofficial draft of the US-Iran memorandum, which said US military forces would lift the naval blockade of Iran while Iran would allow restored commercial transit shipping through the Strait of Hormuz. Â However, crude prices recovered from their lows when US officials said the unofficial draft obtained by Iranian state television is a "complete fabrication" and "not true."
On Tuesday, the Washington Post reported that the US and Iran have agreed to a memorandum extending the ceasefire by 60 days as t... Read more
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