Oil Prices Fall Sharply Amid Broad Market Selloff rigzone.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rigzone.com Daily Mail and Mail on Sunday newspapers.
Oil Prices Reverse Course, Surge On Expectations Of Tight Market And High Demand
by Ship & Bunker News Team
Tuesday July 13, 2021 Having spent several weeks worrying about a global oil glut due to the collapse of the
Organization of the Petroleum Exporting Countries (OPEC) talks and gutted demand due to Covid variants, crude traders on Tuesday made an about-face and caused prices to surge nearly
2 percent. Shortly after the
International Energy Agency reported that global storage drawdowns in the third quarter are on track to be the biggest in at least a decade, Brent rose
$1.33, or
$76.49 per barrel; West Texas Intermediate rose
New York: Oil rose to the highest price in more than 2 1/2 years as prospects of an imminent flood of crude exports from Iran and other major producers waned while the International Energy Agency warned of a deepening supply crunch.
Futures in New York advanced 1.6 per cent to close at $75.25 a barrel on Tuesday, the highest settlement since October 2018. Crude supplies are set to tighten significantly amid a deadlock among members of the OPEC+ alliance, the IEA said in a report. Meanwhile, a stalemate over whether to revive the Iranian nuclear deal has reduced the threat of a deluge of the nation s crude onto global markets.
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WTI Extends Losses After (Delayed) Inventory Data zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.