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Crude Oil Loses Gains Caused by USA-Iran Tensions

July 23, 2018 at 17:28 by Vladimir Vyun

Crude oil prices rallied today amid escalating tensions between the United States and Iran but have retreated by now. The USA pulled out from the international deal with the Middle Eastern nation for ending sanctions in exchange for promise from Iran not to develop nuclear weapons. Tehran considered blocking Gulf oil shipments if Iranian exports will be stopped. In response, US President Donald Trump twitted:

There were also negative fundamentals for crude oil, mainly in form of concerns about trade wars between the United States and its trading partners, especially China. Economists believe that trade wars will likely have a very negative impact on the global economy, and demand for crude directly linked to economic growth.

September contract for delivery of WTI crude oil fell 0.82% to $67.70 per barrel as of 17:12 GMT on NYMEX today after rising to $68.56 earlier. Brent crude declined 0.57% to $72.65 per barrel on ICE following the rally to $73.49.

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