Crude oil extended losses on Wednesday as worries over oil supplies are still easing after Iran`s incoming President Hassan Rouhani signaled a willingness to improve relations with the United States raising hopes of progress after years of stalemate.
Rouhani offered an olive branch to the United States in talks on Tehran`s disputed nuclear program; his comments provided comfort to investors who have been worries over the worsening relations between the two.
- Crude is trading around $105.30 a barrel after falling $0.01
- Brent is trading around $108.03 a barrel after falling $0.15
Caution however is rising ahead of data from China and the United States, the world`s two top oil consumers. Later this week China may witness a rise in exports, factory output and retail sales, providing yet another sign the economy stabilizing.
Meanwhile, the US will release later today the official crude stockpiles report that will give investors an indication of the country`s demand outlook. Inventories fell 1.5 million barrels to 363.1 million last week, the Energy Information Administration may show.
- Natural gas is trading at $3.307 per cubic feet after falling 0.33%
- Gasoline is trading at $2.9107 per cubic feet after falling 0.15%
- Heating oil is trading at $3.0058 a gallon after falling 0.08%
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Crude Continues To Fall On Easing Worries Over Iran; Eyes On US, China
Published 08/07/2013, 04:57 AM
Updated 07/09/2023, 06:31 AM
Crude Continues To Fall On Easing Worries Over Iran; Eyes On US, China
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