Global oil price update July 19 2024 Brent crude hits $65.28
According to webangah News Agency, oil prices showed little change in Monday’s trading as investors await the outcome of nuclear negotiations between Iran and the U.S., along with economic data from China that could impact oil demand amid ongoing trade tensions with America.
North Sea Brent crude dropped by 13 cents (0.20%) to $65.28 per barrel, while U.S. West Texas Intermediate (WTI) crude declined by 10 cents (0.16%) to $62.39.
Both benchmarks had gained over 1% last week after China and the U.S.—the world’s two largest economies—agreed to a 90-day pause in their trade war, considerably reducing tariffs on each other’s imports.
China is set to release economic data today,with any signs of weakness potentially affecting investor sentiment.
Market uncertainty surrounding Iran-U.S. nuclear talks has also influenced oil prices. On Sunday, U.S.Special Envoy Steve Wittkoff stated that any agreement with Iran must include uranium enrichment restrictions—remarks strongly criticized by Tehran.
Tensions escalated in Europe after estonia detained a Greek-owned oil tanker leaving a baltic Sea port on Sunday amid rising disputes with Russia.
The U.S. reported one fewer active oil rig this week,bringing the total to 473—the lowest sence January—as producers focus on cost-cutting measures that may slow domestic production growth this year.
