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Market Update: WTI Crude Edges Down on Tuesday
WTI crude futures fell to $73 a barrel on Tuesday, having touched a fresh high since October 2018 at $74 in the previous session, after news that OPEC+ is planning a further gradual increase of oil output from August. The Organization agreed to keep to its plan to gradually ease supply curbs through July, amid a brighter outlook for demand as the coronavirus vaccination campaign continues and economies reopen. Also, talks between world powers and Iran to revive a nuclear deal ended without an agreement, and future negotiations could further complicate after Ebrahim Raisi won the country’s presidential election. Raisi is subject to US sanctions and Tehran insists they must be removed as part of an agreement to revive the pact. Meantime, investors await weekly US inventory data as crude oil stockpiles have fallen for four weeks. [/s2If]
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