WTI Crude Jumped on Geopolitics and Expectations of Inventory Draw
Crude oil prices strengthened as geopolitical tensions intensified. Meanwhile, news that China’s crude imports from Iran jumped almost +50% in the first half of the year also raised expectations of rising demand. The front-month contract for WTI crude oil jumped to a 3-week high of 104.99 before ending the day at 104.59, up +1.42% while the Brent crude contract also added +0.41% during the day.
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WTI Crude Jumped on Geopolitics and Expectations of Inventory Draw