Market News
China’s Crude Imports Plunge To Lowest Level Since 2018 - OIL PRICE.COM
Oil prices remain headline-driven, taking direction from escalation and de-escalation in the U.S-Iran conflict in the near term. The first round of talks between the United States and Iran in Switzerland has concluded with positive comments from both sides, and an agreement to push for a final agreement within 60 days. However, there's considerable scepticism about whether more complex issues around nuclear technology and transit through the Strait of Hormuz can be fully resolved in the short timeframe. After all, the Joint Comprehensive Plan of Action (JCPOA) deal in 2015 took ~20 months of formal talks under former U.S. President Barack Obama. Brent crude for August delivery fell 4.79% to trade at $73.39 per barrel at 2.50 pm ET on Wednesday, the lowest settlement price since March 2nd, while the corresponding WTI crude contract was down 4.23% to change hands at $70.11/bbl.
