Oil prices gain as focus shifts to supply recovery and demand
Oil prices gained on Tuesday, with Brent crude futures gaining 28 cents, or 0.39%, to $72.29, and U.S. West Texas Intermediate crude rising to $68.84 a barrel, up 29 cents, or 0.26%, as of 0046 GMT. Tim Waterer, chief market analyst at KCM Trade, stated, "The steps towards recovery in supply have eased the immediate risk premium, but the market remains wary of putting too much faith in the stability of the current truce given the on-again-off-again nature of U.S.-Iran relations."
President Donald Trump said on Monday the United States would either reach a deal with Iran or "finish the job." The United Arab Emirates raised crude output above 3.8 million bpd in June, its highest since April 2020 and above pre-Iran war levels, after leaving OPEC+ production quotas in May, according to Reuters estimates. Waterer added, "We will be watching for early signs of demand response, particularly from China. The market has priced in a lot of the positive supply news, so the next leg in oil prices will depend on whether physical reality matches the optimistic headlines." The Organisation of the Petroleum Exporting Countries and its allies including Russia agreed on Sunday to further increase output targets by 188,000.
Quick Summary
Oil prices saw slight gains on Tuesday as traders shifted focus from Middle East tensions to global supply recovery and demand prospects. The market
Summary - read the full story for complete context.
Image: MyJoyOnline
GhanaFront aggregates news from trusted sources. Click to read the original article.
Keywords
Explore related tagsMore from MyJoyOnline
Related Stories
More from Business & Economy
'Suspend it now' - FABAG appeals directly to Mahama to halt new import verification programme
FABAG is urging President Mahama to intervene in a new import verification program, citing concerns about its potential effects on business and
22h ago•
