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2026-06-10 08:52:41 The US Energy Information Administration (EIA) said that, based on current estimates of maritime traffic through the Strait of Hormuz, total oil inventories among OECD member countries are projected to fall to slightly below 2.3 billion barrels by December, the lowest level since EIA records began in 2003. Owing to the Iran war causing a loss of 11 million bpd of oil production in the Middle East, member countries will need to rapidly draw down inventories, laying the groundwork for a spike in oil prices in the coming months, EIA said. Although US President Donald Trump has repeatedly claimed that a deal with Iran is imminent, the EIA noted that as the agreement has not yet been finalized, most oil production in the region remains shut in. Global oil inventories will continue to decline to meet demand. Brent spot prices are forecast to average about USD105 per barrel in June and July, well above the latest August futures price of USD92.98 per barrel. ~ AASTOCKS Financial News Website: www.aastocks.com | |