West Texas Intermediate crude closed positive at $1.24, expected tensions between Europe and the Middle East to impact supply.

InfoQuest – West Texas Intermediate (WTI) oil futures in New York closed positively on Tuesday (June 18), supported by expectations that geopolitical risks in Europe and the Middle East could have an impact on oil supplies in the global market.

The WTI contract will be delivered in July. It rose 1.24, or 1.5%, to close at $81.57 a barrel.

The Brent crude oil (BRENT) contract will be delivered in August. The price of oil rose by $1.08, or 1.3%, to close at $85.33 per barrel.

Investors expect geopolitical tensions to affect oil supplies. Recently, Ukraine sent a drone to attack a Russian oil warehouse in the port of Azov, resulting in a widespread fire in the warehouse. The Port of Azov includes two oil depots and exports 220,000 tons of oil in the period from January to May.

As for the situation in the Middle East, Israeli Foreign Minister Israel Katz warned that Israel will soon decide to launch a large-scale war against Hezbollah in Lebanon. Although the United States is trying to prevent the escalation of the war between Israel and Hezbollah,

The latest report says that US President Joe Biden sent US special envoy Amos Hochstein to Lebanon as an emergency. Because the current situation is very tense.

US crude oil inventories rose by 2.264 million barrels in the week ending June 14, the American Petroleum Institute (API) said, as investors monitor official crude inventory numbers released by the US Energy Information Administration (EIA) on Thursday (June 20).

The New York oil market will be closed today (June 19) for Juneteenth, the day celebrating the abolition of slavery in the United States.

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