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Crude Oil Mixed amid Middle East Tensions, Demand Forecast Downgrade

June 14, 2019 at 11:39 by Vladimir Vyun

Yesterday, crude oil demonstrated huge gains thanks to concerns about oil supply from Middle East caused by the attack on two oil tankers in the Gulf of Oman. But while the event continued to affect markets today as well, crude struggled to maintain the rally. Earlier, both West Texas Intermediate and Brent grades declined, though currently Brent attempts to rebound.

One of the possible reasons for the commodity’s poor performance was the Oil Market Report from the International Energy Agency. The agency downgraded the forecast for demand growth in 2019, though it also stated that “global oil demand growth will have scope to recover” in 2020.

As for other events for traders to watch for, the US Census Bureau will release a retail sales report at 12:30 GMT today. It is a rather important report that can affect the US dollar strongly, and consequently have a strong impact on commodities priced in the US currency.

Futures for delivery of WTI crude oil in July slid 0.10% to $52.23 per barrel as of 11:35 GMT on NYMEX today. At the same time, Brent crude for delivery in August gained 0.21% to $61.44 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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