• Oil prices dip on concerns about possible return of Iranian supply

    27 May 2021 | Economic News
  

Oil prices dip on concerns about possible return of Iranian supply


Oil prices fell on Thursday but stayed within the tight range set this week, with optimism about the summer driving season in the United States and Europe offsetting concerns on demand in India and a potential increase in Iranian supplies.

Brent crude had shed 42 cents, or 0.6%, to $68.45 a barrel by 0641 GMT, erasing Wednesday's gain of 22 cents. Brent has traded between $68 and $69 for most of this week.

U.S. West Texas Intermediate (WTI) crude fell 35 cents, or 0.5%, to $65.86 a barrel, after a rise of 14 cents on Wednesday, but still within the week's $65 to $66 range.

Reference: Reuters

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