WTI Falls Below $70 as Strait of Hormuz Supply Concerns Ease
JH Kim
Summary
- West Texas Intermediate (WTI) futures fell below $70 a barrel.
- WTI futures came under pressure as supply disruption concerns eased with an increase in oil tankers passing through the Strait of Hormuz.
- As tensions around the Strait of Hormuz eased, some of the uncertainty over oil supply faded, putting international oil prices under downward pressure.
Forecast Trend Report by Period
West Texas Intermediate futures fell below $70 a barrel.
Walter Bloomberg reported on June 24 that WTI futures weakened as concerns about supply disruptions eased, with more oil tankers passing through the Strait of Hormuz.
Markets are viewing the recent easing of tensions around the Strait of Hormuz as a sign that some uncertainty over oil supplies has receded.
That has put downward pressure on global crude prices.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
