Crude oil slipped below 90 after initially climbing to a 5-day high of 90.95 as disappointing European data hurt sentiment. Yet, the benchmark contracts are expected to record gains on monthly basis. Brent crude contract probably rose +9% during in July while WTI contract added +5%. Iran's oil minister Rostam Qasemi stated that the fair price for crude oil is 100/bbl and there's currently no urgency for holding an emergency meeting to address price falls. He last month called for such a meeting to boost prices.
Read More on International Business Times
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.