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Brent Oil May Slumps 19%, Set for Biggest Monthly Drop Since 2020
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International oil prices descended today (29th) after reports said the US and Iran had preliminarily agreed to extend the ceasefire deadline by 60 days. Brent oil futures for July delivery sank 1.32% to USD92.47 per barrel, bringing the total drop in May to 19%, on track for the largest monthly decline since 2020. Ryan McKay, Senior Commodity Strategist at TD Securities, said crude supply is still expected to be acutely curbed by time lags in tanker transportation and the time required to resume production. During the recovery in transportation, as much as 1 billion barrels of supply could still be lost. AASTOCKS Financial News |
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