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Current location:HOME>> News>> Industry News>> NYMEX crude oil price drops modestly pending inventory
NYMEX crude oil price drops modestly pending inventory
AUTHOR:admin PUBLISHED:2016-06-23 CLICK:正在读取

Prices for light, sweet crude oil price dropped modestly on the New York market on June 21 as the front-month contract expired with the settlement. Analysts said trading was light pending release of the US government’s weekly inventory report.

Crude oil price direction has been uncertain in recent days, swayed by changing poll forecasts regarding the outcome of the June 23 UK referendum on its European Union membership.

crude oil

Brent crude oil price reached back above $50/bbl briefly on the London market on June 20, managing to stay above that threshold by the June 21 settlement despite a slight loss for the daily trading session.

The US Energy Information Administration was scheduled to release its weekly crude oil price and products inventory report on June 22.

Increasing oil supply from Canada is likely to boost the US oil inventory, which will restrict any price rallies, said Jim Ritterbusch, president of Ritterbusch & Associates, a consultant.

“It would appear that the strong spring crude oil price advance has run its course and that fresh highs are a slim possibility even when extending a view out across the rest of the summer,” Ritterbusch said in a note.

Some Canadian crude oil production had been disrupted by wildfires, which forced oil sand producers to repeatedly evacuate workers.

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