U.S. Oil Prices Tally a Fourth Straight Session Gain

Wednesday, 10 July 2019 02:34 WIB

Minyak WTIbrent oilOil,Crude Oil


Oil futures gained on Tuesday, with U.S. prices logging a fourth straight session gain, buoyed by tensions with Iran that threaten the global flow of oil and by expectations for a weekly decline in U.S. crude supplies.

Concerns over a slowdown in energy demand, however, have kept prices in check.

Traders also awaited Congressional testimony this week from Federal Reserve Chairman Jerome Powell and any hints on the likelihood of an interest-rate cut later this month.

August West Texas Intermediate crude rose 17 cents, or 0.3%, to settle at $57.83 a barrel on the New York Mercantile Exchange, following three straight session of gains. The settlement was the highest for a front-month contract since July 1, FactSet data show.

International benchmark September Brent which had diverged from its U.S. counterpart a day earlier, climbed 5 cents, or nearly 0.1%, to $64.16 a barrel on ICE Futures Europe.

Source : Marketwatch


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