Oil prices dropped around noon on Thursday, after the United States removed some Iranian oil officials from its list of designated persons subject to sanctions
The United States said on Thursday it had removed sanctions on three former Iranian officials and two companies that previously traded Iranian petrochemicals, a step one U.S. official called routine but that could show U.S. readiness to ease sanctions when justified.
Inflation data, strong demand raise oil prices to two-year highs By Andres Guerra Luz on 6/10/2021
(Bloomberg) Oil rose to the highest settle in over two years, drawing support from higher-than-forecast U.S. inflation data and a strong demand outlook.
Futures in New York rebounded from a plunge of as much as 1.8% earlier on Thursday that followed reporting of U.S. removing sanctions on a former Iranian oil official.
Crude found support with U.S. consumer prices in May topping forecasts, extending a months-long buildup in inflation that is seen helping spur more interest in alternative assets like commodities to find yield. At the same time, oilâs market structure strengthened amid recovering demand and signs global supplies may be less than expected.