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 weakened as supply disruption concerns eased with an increase in oil tankers passing through the Strait of Hormuz.
- Global oil prices are under downward pressure as some oil supply uncertainty has eased amid lower tensions around the Strait of Hormuz.
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 over supply disruptions eased, with more oil tankers passing through the Strait of Hormuz.
Markets see some of the uncertainty surrounding oil supplies as having eased as tensions around the Strait of Hormuz have recently cooled.
That has put downward pressure on global oil prices.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.