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Crude Oil Gains on Geopolitical Tensions in Middle East

July 19, 2019 at 20:11 by Vladimir Vyun

Futures for crude oil climbed today as tensions in the Middle East grew. Yesterday, the United States reported that the US navy downed Iranian drone, but Tehran denied that. Today, news hit the market that Iran seized a British oil tanker. That is likely a response to the seizure of Iranian tanker by the UK earlier this month.

Adding to the positive factors for crude was the oil rig count released by Baker Hughes today. It showed a drop of oil rigs by 5 to 779 this week. The number of gas rigs increased by 2 to 174.

Futures for WTI crude oil gained 1.41% to $56.08 per barrel as of 20:01 GMT on NYMEX today. September contract for Brent crude jumped 1.97% to $63.15 per barrel on ICE. Over the week though, Brent crude fell more than 5% and WTI crude dropped more than 6%.

Natural gas for delivery in August declined 1.27% to $2.26 per million British thermal units on NYMEX.

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