WTI 108.66dollars, refiners and airlines diverge
WTI 18 per barrel 108.66 dollars, closing 3 consecutive trading days. It recovered its intraday losses as hopes for negotiations between the United States and Iran faded.
New York oil prices 18 surged on (U.S. Eastern Time). 6West Texas Intermediate for delivery in [month] closed at 108.66 dollars per barrel. The gain was 3.07%.
Trading took place on the New York Mercantile Exchange. The price was 3.24 dollars higher than in the previous session. Oil prices started the session lower but reversed course before the close.
West Texas Intermediate fell by around 2.6% early in the session. It later turned higher. Gains increased further ahead of the calculation of the closing price.
With this rise, West Texas Intermediate3rose for consecutive trading sessions. On a closing-price basis, it is at its highest level since last month7and has continued to trend higher in recent days.
Expectations for a peace deal between the United States and Iran were the factor that unsettled price movements. During the session, hopes for an agreement were rolled back. As those expectations weakened, buying of crude oil increased.
Reports also reached the market that Iran had proposed a revised peace plan. Expectations for an agreement then weakened, and oil prices turned higher. The crude oil market moved sharply during the session in response to news about negotiations.
Sources: 연합인포맥스
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