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- Brent crude traded lower, while WTI crude oil rose
Brent crude traded lower, while WTI crude oil rose
Brent crude traded lower, while WTI crude oil rose on news that troops from Iran have captured a US cargo ship in the Strait of Hormuz and have directed it to Bandar Abbas port on the southern coast of Iran.
The Pentagon said that no U.S. ship was involved.
Saudi Arabia's Oil Minister Ali al-Naimi said on Tuesday that Saudi Arabia will meet oil demand in Asia despite the increasing demand in Asia.
"Oil will retain its preeminent position and Saudi Arabia will remain the number one supplier," he said.
His comments indicate that the country will keep producing oil at high levels despite low prices.
WTI crude oil for June delivery increased to $57.83 a barrel on the New York Mercantile Exchange. Brent crude oil for June fell to $64.52 a barrel on ICE Futures Europe.
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