WTI Oil Closes $1.09 on Expected US Demand Recovery : InfoQuest

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New York’s West Texas Intermediate (WTI) crude futures closed positive on Tuesday (June 21), in response to forecasts that US oil demand will increase during the summer. And oil supplies remain tight as Western countries impose sanctions on Russia in response to Ukraine’s invasion.

  • The WTI crude oil contract was delivered in July. It was up $1.09, or 1%, at $110.65 a barrel.
  • The Brent crude oil contract (BRENT) delivered in August. It was up 52 cents, or 0.5%, at $114.65 a barrel.

The American Automobile Association (AAA) reports that about 42 million people across the United States are likely to travel by car over the July 4 Independence Day weekend, even as fuel prices hit record highs.

The travel season for the United States begins with the Memorial Day long weekend at the end of May. Until the US Labor Day holiday in September

Analyst from ANZ Research said Concerns about tight oil supply support the market After the Western nations brought sanctions on Russian oil. As investors watch to see how much oil production will drop as a result of the sanctions.

Iran’s increasing uranium production capacity has also hindered the conclusion of a nuclear deal. This makes Iran unlikely to return to oil exports anytime soon.

The release of the weekly U.S. crude inventories report will be postponed by a day as U.S. government offices are closed on Monday, June 20 for June, by the American Petroleum Institute. API) will release its weekly crude stock report on Wednesday. And the U.S. Energy Information Administration (EIA) will release the data on Thursday.

Read Also  Reasons to buy IT and finance for the US 4Q earnings season

By InfoQuest News Agency (22 Jun 65)

Tags: lifestyle, WTI oil, crude oil, oil prices

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