Forex Marketz Daily Forex News – Fully Markets Update
Crude oil future contracts moved lower this morning during Asian trade hours. OPEC member nation Iran said that they would agree to a small supply increase. This opens the door for OPEC to formally agree to supply increase at their Vienna meeting on June 22.
Prices did find support from U.S. refinery data and a decline in their inventory. This indicated strong demand for fuel in the United States.
As of 12:45 am GMT, the international benchmark, Brent crude was down 19 cents to trade at $74.55 per barrel. This is down 0.3 percent from their last settlement.
U.S. West Texas Intermediate (WTI) crude futures were down eight cents. It was trading at $65.63 a barrel.
Crude Oil Traders watch OPEC Headlines on Supply Closely
Iran, a member of the cartel of the Organization of the Petroleum Exporting Countries (OPEC), said that would support a small increase in output. The cartel is meeting at their headquarters in Vienna on June 22.
Tehran had previously been against any increase in production. They have openly defied and stood against the cartel’s de-facto leader, Saudi Arabia.
OPEC, with non-member nations led by Russia, started reducing output in 2017. This was to support while rebalancing the market and reducing a global supply gut. This has changed and has led for calls to change this policy by consumers for more supplies.
In U.S. economic data, refineries processed, last week, a record of 17.7 million barrels per day. This was released in a report from the Energy Information Administration (EIA). This data was released yesterday, on Wednesday during North American trade hours.
