Oil Market Remains Tight, U.S. Prices Dip – 28 June, 2018

Ongoing trade tensions between the U.S. and other countries has caused oil to drop after reaching a four year high. West Texas Intermediate crude futures fell 39 cents and 0.5 percent to $73.06 per barrel after hitting its highest since November 2014 at $74.03. Brent crude futures fell 31 cents and 0.4 percent to $77.54 per barrel. The condition of the crude market remains tight due to high demand and supply disruptions with global oil prices rallying for most of 2018 as a result of supply cuts led by OPEC.