The oil prices were bullish in the market as geopolitical tensions in the Middle East dies down. The commodity’s prices managed to hit another milestone despite the astonishing performance of the dollar in the market.
The commodity continues to push great performance in the market on multiple factors. The great oil inventories reports and the OPEC agreement to extend the output cut have managed to put the prices on its best figures ones again.
Furthermore, the recent decision from the Trump administration was the last greatest factor that managed to buoy the oil prices in the market. The administration recently announced their plan to revokes the nuclear deal with Iran, easing some of the geopolitical tension and debacle in the Middle East.
The tension mostly came from the Iran and U.S.A. deal which also dragged the commodity’s prices down in the market this week. Most of the pressure came from the announcement of the U.S.A. about rethinking the possibility of leaving the Iran nuclear deal which will, in return, severely affect the ongoing oil exports from the country.
Oil Prices
Both the Brent Crude and the U.S. West Texas Intermediate were tallying greater returns in the market today. The Brent crude managed to increase by a massive 19 cents in the previous session, settling at a $77.40 a barrel.
The West Texas Intermediate or WTI also managed to hit the lucrative $71 per barrel price on the same market session. The deliveries for June in the New York Mercantile Exchange also managed to increase by a total of 22 cents, settling at $71.36 a barrel.
Furthermore, the oil price increases just after the Treasury Secretary expressed his thoughts on the oil prices on a previous report. Secretary Steven Mnuchin noted that he is not expecting a huge market movement in the coming session as countries is reportedly increasing their output to offset some of the losses they experienced.
Last week’s oil prices were also pressured after their tremendous run. The stockpiling oil inventories are looking to take hold of the oil prices this week as they keep pestering the global stock figures. According to reports, the Oklahoma storage hub was up by a total of 479,644 barrels to the terrifying 39.56 million barrels.
Analysts are also looking for the possibility of the oil prices running unexpectedly wild. Some of reports and analysis are pointing that the prices may hit the $100 price per barrel just before the year ends.
