InfoQuest – West Texas Crude Oil (WTI) futures in New York closed lower on Tuesday (April 30), weighed down by an increase in US crude oil production. and hopes for a ceasefire agreement between Israel and Hamas.
The WTI crude oil contract will be delivered in June. fell 70 cents, or 0.9%, to close at $81.93 a barrel.
The Brent crude oil contract (BRENT) will be delivered in June. fell 54 cents, or 0.6%, to close at $87.86 a barrel. The June contract is expected to be delivered on Tuesday. and the July delivery contract fell 87 cents to 86.33 dollars/barrel.
The US government’s Energy Information Administration (EIA) reports that US crude oil production rose to 13.15 million barrels per day in February. of 12.58 million barrels per day in January This is the biggest monthly increase since October. 2021 Meanwhile, exports increased to 4.66 million barrels per day in February. of 4.05 million barrels per day in January
Data from the American Petroleum Institute (API) showed that US crude oil inventories rose by 4.91 million barrels in the week ended April 26, while a Reuters poll expected that US crude oil stocks may fall by 1.1 million of barrels in the last week.
Speculation has increased in recent days about a ceasefire agreement between Israel and Hamas. This comes after a new campaign led by Egypt to revive stalled talks between the two sides.
However, the Prime Minister of Israel, Benjamin Netanyahu, confirmed on Tuesday that it continues to attack Rafah, a city in the southern Gaza Strip.
Investors are keeping their eyes peeled for the US Federal Reserve’s (Fed) two-day monetary policy meeting starting on Tuesday.
CME’s FedWatch Tool indicates that the Fed will keep interest rates unchanged after the end of its meeting on Wednesday.
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