Ongoing Middle East Tensions Cause Oil To Dip – 21 May, 2019

Oil prices dipped with ongoing tension in the Middle East, as well as an increase in U.S. crude inventories. After rising by 21 cents this week, Brent crude futures dropped 37 cents and 0.5% to $71.81 per barrel. U.S. West Texas Intermediate crude futures fell 54 cents and 0.9% to $62.59 for July deliveries. Saudi Arabia has committed to balancing global oil markets while also aiming to ease tensions between Iran and the U.S., which were back under the spotlight after President Trump reimposed sanctions on Iranian oil in an effort to strangle the country’s economy.