Crude Oil Moves Sharply Lower Amid Hopes For | Commodities
(RTTNews) – Following the pullback seen within the earlier session, crude oil futures confirmed a more substantial transfer to the draw back during trading on Thursday.
Crude for June supply plunged $1.53 or 2.4 p.c to $61.62 a barrel after falling $0.52 or 0.8 p.c to $63.15 a barrel during Wednesday’s session.
The steep drop by the price of crude oil got here after President Donald Trump indicated the U.S. is “very close” to reaching a nuclear deal with Iran.
“We’re in very serious negotiations with Iran for long-term peace,” Trump stated on Thursday in Qatar during his tour of the Middle East.
Trump’s feedback come after a prime adviser to Iranian Supreme Leader Ayatollah Ali Khamenei informed NBC News that Iran is able to signal a nuclear deal with sure situations with in exchange for lifting financial sanctions.
Concerns about world oil demand raised by the International Energy Agency in its Oil Market Report for May additionally dampened market sentiment.
The IEA stated world oil demand growth is projected to sluggish for the rest of the yr as financial headwinds and report EV gross sales curb use.
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