Get Free Trading Tips From Rudra Investment Commodity Market Expert Crude oil prices fell on Thursday. Brent crude prices fell marginally to $ 69.29 a barrel in the international market for June delivery. In almost 75% of the world, Brent Crude is used as a benchmark for crude oil prices. Brent crude prices have soared by about 30 percent in 2019.
Similarly, US West Texas Intermediate (WTI) futures came down 0.20 percent to $ 62.50 a barrel. Since January this year, WTI crude prices have risen 40%.
According to Commodity Market Expert, crude oil stocks in the US increased by 72 million barrels last week, while the market's estimated 42.5 million barrels were to be depleted. Because of this, Brent crude prices slipped after reaching an extremely close psychological level of $ 70 a barrel. Not only that, the production of crude oil in the US has reached one million barrels of food and reached around 12.2 million barrels. Due to this, pressure on crude oil prices was seen.
However, the commodity market analysts say that the US has indicated further sanctions on Iran. For this reason, there is a sign of lack of supply of crude oil from Iran. Apart from this, the supply of crude oil has reduced due to a blockage in Venezuela's terminal.
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