Oil prices traded down today, as investors braced for the possibility of return of Iranian crude. “Nobody wants to jump in here and commit to a size position when you can get ambushed by an Iranian headline at any given moment,” said Bob Yawger, director of energy futures at Mizuho, citing thin trading volumes during the session. The market is also on edge with Fed Chair Jerome Powell due to speak at Jackson Hole tomorrow. His comments regarding the Fed’s moves to fight inflation could swing the market in either direction. Another problem for the market is that overall US gasoline demand is down, with the four-week rolling average 7% lower than this time last year. WTI traded down $2.37 or -2.5% to close at $92.52. Brent traded down $1.88 or -1.9% to close at $99.34.<\/p>\n\n\n\n
Oil prices traded down today, as investors braced for the possibility of return of Iranian crude.<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-7196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n