Oil prices are falling on global markets: what’s behind the trend
27 May 09:36
Prices for benchmark crude oil grades are falling on the morning of Wednesday, May 27. This is reported by "Komersant Ukrainian", citing Interfax-Ukraine.
July Brent futures on the London ICE Futures exchange, as of 8:12 a.m., are down $1.52 (1.53%) to $98.06 per barrel. On Tuesday, this contract rose by $3.44 (3.6%) to $99.58 per barrel.
July WTI crude oil futures on the New York Mercantile Exchange (NYMEX) have fallen by $1.89 (2.01%) to $92 per barrel so far today. The day before, their price fell by $2.71 (2.8%) to $93.89 per barrel.
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Market participants viewed the news that at least two supertankers carrying about 4 million barrels of oil had passed through the Strait of Hormuz as a positive signal.
“Markets see prospects for an agreement on Iran, but the full opening of the strait may not happen for months, or possibly quarters,” noted Robert Rennie of Westpac Banking Corp. “Brent is falling on optimism regarding a peace deal, but until the strait opens, such declines are likely to be temporary and modest.”
Earlier, U.S. Secretary of State Marco Rubio stated that negotiations with Iran in Qatar are ongoing, but agreeing on the wording could take several days. He reiterated that U.S. President Donald Trump intends to conclude an agreement with Tehran.
Meanwhile, the U.S. launched new strikes on targets in Iran. A spokesperson for U.S. Central Command (CENTCOM), Tim Hawkins, stated that this was done in self-defense “to protect against the threat posed by Iranian forces.” He explained that the strikes targeted anti-aircraft missile launchers and boats that were attempting to lay mines.
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