Sector Update: Tech

Update: WTI Oil Closes Higher But Gives Up Early Gains Following Reports Iran and the U.S. To Extend Ceasefire

West Texas Intermediate (WTI) crude oil closed with a small gain on Thursday but fell off early highs following reports s the United States and Iran agreed to extend their ceasefire even as they earlier traded strikesWTI crude oil for July delivery up US$0.22 to settle at US$US$88.90 per barrel after earlier touching US$92.52. July Brent oil was last seen down US$0.64 to US$93.65.The drop off session highs came after Axios reported the two countries will extend their ceasefire agreement. The potential deal comes despite earlier reports U.S. forces attacked a drone-control base in Iran and shot down Iranian drones, while Kuwait intercepted an Iranian missile and Iran attacked commercial shipping in the Persian GulfOil prices have climbed by half since Iran closed the Strait of Homuz on the Feb. 28 start to the war, blocking much of the 20% of daily oil demand supplied by Persian Gulf nations.In its weekly survey the Energy Information Administration reported U.S. commercial oil inventories fell by 3.3-million barrels last week, while the consensus estimate among analysts polled by Reuters expected a 4.1-million barrel drop.

Update: WTI Oi Closes Higher But Gives Up Early Gains Following Reports Iran and the U.S. To Extend Ceasefire

West Texas Intermediate (WTI) crude oil closed with a small gain on Thursday but fell off early highs following reports s the United States and Iran agreed to extend their ceasefire even as they earlier traded strikesWTI crude oil for July delivery up US$0.22 to settle at US$US$88.90 per barrel after earlier touching US$92.52. July Brent oil was last seen down US$0.64 to US$93.65.The drop off session highs came after Axios reported the two countries will extend their ceasefire agreement. The potential deal comes despite earlier reports U.S. forces attacked a drone-control base in Iran and shot down Iranian drones, while Kuwait intercepted an Iranian missile and Iran attacked commercial shipping in the Persian GulfOil prices have climbed by half since Iran closed the Strait of Homuz on the Feb. 28 start to the war, blocking much of the 20% of daily oil demand supplied by Persian Gulf nations.In its weekly survey the Energy Information Administration reported U.S. commercial oil inventories fell by 3.3-million barrels last week, while the consensus estimate among analysts polled by Reuters expected a 4.1-million barrel drop.

July WTI Crude Oil Contract Closes up US$0.22; Settles at US$88.90 per Barrel