Oil prices edged lower today as both contracts were set to close down for the week. Oil seems to be in a wait-and-see mode as the market balances inventories, rising OPEC production, the global vaccine rollout, and other geopolitical issues. Delegates said Iran and the US are making progress towards reentering the nuclear deal, but Iran is still indicating there are disagreements over lifting sanctions. If this happens there could be a lot more Iranian crude that hits the market. \u201cFavorable oil demand prospects are being largely offset by the expected increase in OPEC + production that could be approximating 2 million barrels per day by the end of July,” said Jim Ritterbusch, president of Ritterbusch and Associates. A falling dollar and rising stock market are also helping to give prices a boost. The US dollar hit two-week lows yesterday, tracking treasury yields lower. WTI traded down $.28 or -0.47% to close at $59.32. Brent traded down $.13 or -.21% to close at $63.07.<\/p>\n\n\n\n
Oil prices edged lower today as both contracts were set to close down for the week. Oil seems to be in a wait and see mode as the market balances inventories, rising OPEC production, the global vaccine rollout, and other geopolitical issues<\/p>\n","protected":false},"author":2,"featured_media":2672,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-3232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n