West Texas Intermediate for July delivery advanced 8 cents to $48.40 a barrel on the New York Mercantile Exchange at 11:39 a.m. in London. Total volume traded was in line with the 100-day average. The contract lost $1.34, or 2.7 percent, to close at $48.32 on Wednesday, the lowest level since May 12. Prices fell 2.1 percent last month. Brent for August settlement fell 4 cents to $50.72 a barrel on the London-based ICE Futures Europe exchange. The July contract expired Wednesday after dropping $1.53, or 3 percent, to $50.31. The global benchmark crude traded at a premium of $2.11 to August WTI. U.S. crude stockpiles have declined since hitting a record 535.5 million barrels at the end of March, according to EIA data. While inventories shrank, output has climbed to the highest since August 2015. Click Read More below for more of the story.
Brent crude on Monday touched its highest level since 2014 as oil prices increased on rising tension between the US and Iran.
The international oil price, which has benefited from a lift in US demand and Opec supply constraints this year, rose nearly 1 per cent to $75.53 in European trading after earlier hitting a session peak of $75.89, its highest level since November 2014.
The move came after Iran’s president Hassan Rouhani warned on Sunday that US president Donald Trump would be making a “historic” mistake if the US were to withdraw from its 2015 nuclear deal with Tehran.
more at: https://www.ft.com/content/1e0d86f6-51a8-11e8-b3ee-41e0209208ec