Middle East Tensions Pull Down Oil Prices – 22 July, 2019

The International Energy Agency said that if necessary it would take measures to keep up oil supply markets if tension in the Middle East continue, causing oil to dip with traders predicting a weaker demand forecast. U.S. West Texas Intermediate crude futures dropped 6 cents or 0.11% to $56.16 per barrel. International Brent crude futures fell 2 cents after rising over 1% the previous session, last trading at $63.24 per barrel. The oil market is currently well supplied, with U.S. oil output expected to rise by 49,000 barrels per day to 8.55 million barrels per day in August. OPEC countries and Russia have been withholding supplies since the start of the year to prop up prices, but U.S. output has remained at record highs.