COMMODITY
Crude oil futures settle higher on Wednesday
Jul-03-2025

Crude oil futures ended sharply higher on Wednesday supported by falling US dollar. Besides, even though the Israel-Iran ceasefire holds, Iran has challenged the International Atomic Energy Agency’s (IAEA) power to inspect its nuclear sites without its security council's approval. Moreover, traders paid no heed to Energy Information Administration data revealing gasoline demand has dropped to 8.6 million barrels per day. Usually during summertime, 9 million is the baseline consumption in healthy market conditions.

Benchmark crude oil futures for August gained $2 or about 3.06% at $67.45 a barrel on the New York Mercantile Exchange. Brent crude for September rose $2 or about 2.98% at $69.11 a barrel on London's Intercontinental Exchange.

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