Oil prices jump on fresh Iran tensions, falling U.S. supply, stock-market gains
Thursday, 20 June 2019 18:09 WIB |
Oil prices surged Thursday, rising in step with other perceived riskier assets on signs of potential Federal Reserve monetary policy easing in the U.S. and as reports hit that Iran shot down a U.S. military drone.
A report that showed falling U.S. supplies and firmer date for an OPEC meeting to review its pledged production limits were also price-supportive.
West Texas Intermediate crude for August delivery rose $1.52, or 2.8%, to $55.28 a barrel.
August Brent crude climbed $1.38, or 2.2%, to $63.20 a barrel on ICE Futures Europe.
Amid already rising tensions between Iran and the U.S., Iran's Revolutionary Guard said Thursday it shot down a U.S. drone. The U.S. has blamed Iran for attacks on ships near the Gulf of Oman recently, a charge the country denies.
Source : Marketwatch