InfoQuest – West Texas Intermediate (WTI) crude oil contracts in New York closed negative on Monday (April 22) after investors assessed the risk that a tense situation in the Middle East would affect oil supply. There is not much in the near term.
The WTI crude oil contract will be delivered in June. fell 29 cents, or 0.35%, to close at $82.85 a barrel.
and the Brent crude oil contract (BRENT) for delivery in June. fell 29 cents, or 0.33%, to close at $87.00/barrel.
Investors are easing concerns about conflict between Israel and Iran. After Israeli officials stated that Israel’s attack on Iran last Friday (April 19) was more of a symbolic gesture than intended to destroy Iran. Although Iranian officials have confirmed that Iran has no plans to retaliate against Israel.
Tomas Varga, an analyst at PVM, said: A continued surge in oil prices will occur if the Strait of Hormuz which is an important shipping route in the world is closed Or if Saudi Arabia is drawn directly into the conflict.
Investors will be keeping an eye on the American Petroleum Institute (API) crude oil inventory release today, ahead of the US Energy Information Administration (EIA) official release on Wednesday.
Investors are also awaiting the release of the Personal Consumption Expenditure (PCE) price index on Friday. Assessing the trend of inflation and the direction of the Federal Reserve (Fed) interest rate.
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