US benchmark crude jumps by 1pc to US$55.89

Business | 19 Jul 2019 5:21 pm

Oil snapped four days of losses after the U.S. said it downed an Iranian drone near the Strait of Hormuz, stoking concern crude flows from the Middle East may be disrupted.

Futures climbed by 1.9 percent in New York, paring their steepest weekly decline since the end of May, Bloomberg reports.

A U.S. warship “immediately destroyed” the drone that approached the USS Boxer, President Donald Trump said on Thursday at the White House. Iran’s Deputy Foreign Minister Seyed Abbas Araghchi denied that drone had been lost.

Oil is still down by about 7 percent this week.

West Texas Intermediate for August delivery increased 59 US cents, or 1.1 percent, to US$55.89 a barrel on the New York Mercantile Exchange as of 9:51 a.m. London time. Brent for September settlement was up by 81 US cents to US$62.74 a barrel on the ICE Futures Europe Exchange. The global benchmark crude traded at a premium of US$6.75 to WTI for the same month.

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