Trading sessions in the Crude Oil Market witnessed on May 26, 2021, expressed a temporary pullback, gradually turning to an inclining ascend reaching towards the top. The West Texas Intermediate Crude Market has significantly observed a pullback depicting as low as $66.21, settling 0.2% level understood to be a prominently large physiological figure.
Last week ending Crude Oil stocks in the US were 1.7 million barrels according to the weekly estimation published by the US Energy Information Administration (EIA), which was established on Wednesday, May 26. The prior estimates derived by Market analysts anticipated a decrease of 1.05 million barrels. The Market observes higher crude settlement with a drop in US crude stockpiles reinforcing expectations of elevating demand during the peak time of the summer season.
Andy Lipow, president of the Lipow Associates in Houston, Texas, shared that the prices of crude oil shall portray stable support during summer, particularly with the return of Iranian keeping the prices from reaching their apex. This has been accompanied by a close watch of the largestplayers on the developments associated with the Iranian-US nuclear talks with the probability of lifting sanctions on Iran’s energy industry releasing Iranian Oil in the Market.