Oil Flat as Disruptions Cancelled by Growth Concerns

May 21, 2019 Share Print 0

Oil futures were flat on Tuesday as the prospect of U.S.-Iran tensions disrupting supply was offset by concerns that a drawn-out trade war between Washington and Beijing would weigh on crude demand.

Brent crude futures, the international benchmark for oil prices, shed 1 cent to $71.96 a barrel by 1:08 p.m. EDT (1708 GMT)

U.S. West Texas Intermediate (WTI) crude futures were down 13 cents to $62.97 a barrel, ahead of the front month contract for June delivery going off the board on Tuesday. The July contract was trading at $63.08 a barrel.

“The situation with China is as bearish as the Iran situation is bullish. That’s why I think we continue to be here in a stalemate,” said John Kilduff, a partner at Again Capital LLC in New York.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.