API’s weekly report shows a 9.2 million barrels decrease in crude stocks in the U.S. Iran’s supply is expected to decrease toward the end of the year. Crude oil prices recorded sharp gains in the second half of the day on Tuesday on the back of reports claiming that the United States was going to push its allies to halt importing oil from Iran. The barrel of West Texas Intermediate added more than $2 during the NA session and touched its highest level in over a month at $70.86. In the post-settlement trade, the barrel of WTI was up 3.8% on the day at $70.70. Earlier today, a senior State Department official who wanted to remain anonymous told reporters that Washington was planning to tell its allies to stop importing from crude oil. “This is a new development. If we are going to see more Iranian barrels coming off the market, that is likely to be bullish for U.S. exports,” Matt Smith, director of commodities research at ClipperData, told Reuters. On the other hand, the weekly report released by the American Petroleum Institute showed that crude inventories in the United States dropped by 9.2 million barrels in the week ending June 22 to surpass the experts’ expectation for a decrease of 2.6 million barrels. Meanwhile, the disruption at Syncrude Canada, which produces 360,000 bpd, is confirmed to last until the end of July, which provided an additional boost to U.S. crude prices. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Market wrap: US dollar rose against a wide range of currencies, – Westpac FX Street 5 years API's weekly report shows a 9.2 million barrels decrease in crude stocks in the U.S. Iran's supply is expected to decrease toward the end of the year. Crude oil prices recorded sharp gains in the second half of the day on Tuesday on the back of reports claiming that the United States was going to push its allies to halt importing oil from Iran. The barrel of West Texas Intermediate added more than $2 during the NA session and touched its highest level in over a month at $70.86. In the post-settlement trade, the barrel of WTI was up 3.8%… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.