WTI closed on Tuesday with a plus of 1%

Crude oil futures closed higher Tuesday (June 21), responding to forecasts that U.S. oil demand will rise over the summer. Oil supply remains tight as Western countries impose sanctions on Russia in response to the invasion of Ukraine.

  • WTI crude futures were up $1.09, or 1%, at $110.65 a barrel.
  • BRENT crude futures were up 52 cents, or 0.5%, at $114.65 a barrel.

The American Automobile Association (AAA) reports that about 42 million people in the United States will be on the road over the Independence Day weekend on July 4, even though fuel prices have reached record highs.

The travel season in the U.S. begins with the Memorial Day long weekend in late May and continues through Labor Day in September.

Talks on a nuclear deal with Iran continue to stall as Iran has increased uranium production again. This is hampering a deal at the moment, which also makes an early resumption of oil exports unlikely.

The American Petroleum Institute (API) will release its weekly crude oil inventory report today. The U.S. government’s Energy Information Administration (EIA) will publish this information tomorrow.

The Spot Market is Open

Wednesday, June 22, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
11.55

105.68

-3.84

-3.51%

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