The prices of crude oil dipped by more than 1% on Friday, continuing their downward trajectory from yesterday, as investors digested the reports of a potential output increase at the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, which was moved to Saturday. The markets also reacted to easing tensions regarding Iran, after the country’s Foreign Minister Abbas Araghchi reaffirmed Tehran’s commitment to the Non-Proliferation Treaty (NPT) and United States President Donald Trump’s claims that Iran wants to speak to him, hinting at a potential future meeting.
West Texas Intermediate (WTI) for August’s settlements declined by 1.13% at 5:31 am ET, going for $66.24 per barrel. Meanwhile, Brent for September’s deliveries slipped by 1.21% and sold for $67.98 per barrel at 5:32 am ET.
NN: As you know today is the 4th of July with US markets closed. I pay little attention to range bond trading in very low volume markets…,