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Crude Oil Surges on Range of Factors, Wait for API Report

Summary:
Prices for crude oil surged during the Tuesday’s session. Market analysts named a range of reasons for the sharp gains. One of them was the escalating tensions between the United States and Iran. Another one were reports that Saudi Arabia was pushing harder for extension of the oil production cut deal and urges for higher compliance. And yet another one was the tweet from US President Donald Trump, who said he will be meeting with Chinese President Xi Jinping at the G-20 meeting: Had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting. — Donald J. Trump (@realDonaldTrump) June 18, 2019 Now, traders wait for private supply data from the American

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Prices for crude oil surged during the Tuesday’s session. Market analysts named a range of reasons for the sharp gains. One of them was the escalating tensions between the United States and Iran. Another one were reports that Saudi Arabia was pushing harder for extension of the oil production cut deal and urges for higher compliance. And yet another one was the tweet from US President Donald Trump, who said he will be meeting with Chinese President Xi Jinping at the G-20 meeting:

Now, traders wait for private supply data from the American Petroleum Institute that will be released later today. Tomorrow, the Energy Information Administration will release an official report. The previous report showed an unexpected increase of US crude oil inventories by 2.2 million barrels.

Contract for delivery of WTI crude oil in July surged as much as 3.70% to $53.85 per barrel as of 15:05 GMT on NYMEX today. Brent crude for delivery in August jumped 2.61% to $62.53 per barrel on ICE.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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