Oil prices shed 1% in Thursday morning trading over American debt and the prospects for a historic default, despite gains on Wednesday driven by demand optimism in the U.S. market
Turkish President Recep Tayyip Erdogan has announced that the Black Sea Grain Initiative allowing for the export of Ukrainian grain through the country s Black Sea ports, has been extended for another two months
Crude oil prices have been on a losing streak for four consecutive weeks, and while sentiment remains negative for now, the OPEC cuts are likely to tighten oil markets later this year
The trend of decreasing Strategic Petroleum Reserve (SPR) continues for the seventh week, while U.S. crude oil production remains steady at 12.3 million bpd.