Oil extends decline as Middle East supply fears ease | News. az
Oil prices extended their decline on Thursday, June 25, reaching their lowest levels since late February as expectations grew that shipments through the Strait of Hormuz would continue to. . .
Oil prices extended their decline on Thursday, June 25, reaching their lowest levels since late February as expectations grew that shipments through the Strait of Hormuz would continue to recover,News. Azreports, citingReuters. August Brent crude futures dropped by $1. 22, or 1. 65%, to $72. 52 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures fell by $1. 02, or 1. 45%, to $69. 32 per barrel. Both benchmark crude grades touched their lowest levels since February 27, reflecting easing concerns about potential disruptions to oil supplies from theMiddle East. RECOMMENDED STORIESIran's IRGC warns ships against unauthorized Hormuz routesProfessor Michael Clarke: Strait of Hormuz crisis deepens as ships face conflicting exit routes -VIDEONearly 1,200 cargo ships stuck after Hormuz closureRubio: U. S. security assurances to Middle East allies are real, not promises -VIDEOAt the same time, markets remained under pressure from persistent worries over weakening global demand. Another indicator weighing on sentiment emerged from the Brent futures curve, where August contracts were trading below September contracts. This market structure is generally viewed as a sign of short-term oversupply in the crude market. The decline follows significant losses recorded during the previous trading session, when Brent crude fell by more than $3 per barrel and WTI dropped by nearly $3 per barrel. US Energy Secretary Chris Wright said oil shipments through the Strait of Hormuz have already recovered to levels close to those seen before the conflict. According to Wright, at least 20 million barrels of oil passed through the strategic waterway during the past 24 hours. He noted, however, that a complete restoration of maritime traffic will take several more weeks, as mine-clearing operations are still required in parts of the strait. News. AzBy Nijat Babayev