Ice Brent futures retreated in early Asian trading, because shipping activity through the strait of Hormuz picked up.
The Ice front-month August Brent contract was at $76.29/bl at 04:00 GMT, lower by 79¢/bl from its settlement on 23 June when it ended 82¢/bl lower.
The Nymex front-month August crude contract was at $72.43/bl, down by 78¢/bl from its settlement on 23 June when it ended 65¢/bl lower.
Vessel transits through the strait of Hormuz have picked up as signs of progress in the peace negotiations helped lift shipping activity. The latest vessel-tracking data from Windward show 46 vessels passed through the strait on 22 June, the highest daily level since the US and Iran signed a memorandum of understanding last week to end the war.
The International Maritime Organisation (IMO) said on 23 June it intends to carry out a large-scale evacuation plan through the strait of Hormuz for ships still stranded in the Mideast Gulf.
The IMO said it has liaised with Omani authorities to provide all vessels with the option of using a temporary maritime corridor, defined by co-ordinates outlined in an official document issued by the Omani defence ministry. The route directs vessels along a southern passage through the strait, around the Omani coast.
The plan will be conducted in co-operation with the US, Iran, Oman, all other regional coastal states and the wider maritime industry, said IMO secretary general Arsenio Dominguez.
The US Commodity Futures Trading Commission (CFTC) is scrutinising whether plans to start around-the-clock trading of crude futures could heighten volatility during thinly traded off-hours or increase the risks of market manipulation.
The CFTC is seeking public input on these and dozens of other issues after US exchange platform CME Group announced plans to launch 24/7 trading of a smaller WTI crude futures contract on 30 August. The CFTC is also soliciting input on its potential approval of energy-focused "perpetual" contracts, which are designed to track prices of commodities but which never expire.
In China, crude imports fell to 7.78mn b/d in May, dropping by 1.58mn b/d from April to the lowest level since October 2017. Imports from most regions declined, because buying interest was dampened by higher prices that came from the supply shortages arising from the effective closure of the strait of Hormuz.
Ice Brent futures retreated in early Asian trading, because shipping activity through the strait of Hormuz picked up.
The Ice front-month August Brent contract was at $76.29/bl at 04:00 GMT, lower by 79¢/bl from its settlement on 23 June when it ended 82¢/bl lower.
The Nymex front-month August crude contract was at $72.43/bl, down by 78¢/bl from its settlement on 23 June when it ended 65¢/bl lower.
Vessel transits through the strait of Hormuz have picked up as signs of progress in the peace negotiations helped lift shipping activity. The latest vessel-tracking data from Windward show 46 vessels passed through the strait on 22 June, the highest daily level since the US and Iran signed a memorandum of understanding last week to end the war.
The International Maritime Organisation (IMO) said on 23 June it intends to carry out a large-scale evacuation plan through the strait of Hormuz for ships still stranded in the Mideast Gulf.
The IMO said it has liaised with Omani authorities to provide all vessels with the option of using a temporary maritime corridor, defined by co-ordinates outlined in an official document issued by the Omani defence ministry. The route directs vessels along a southern passage through the strait, around the Omani coast.
The plan will be conducted in co-operation with the US, Iran, Oman, all other regional coastal states and the wider maritime industry, said IMO secretary general Arsenio Dominguez.
The US Commodity Futures Trading Commission (CFTC) is scrutinising whether plans to start around-the-clock trading of crude futures could heighten volatility during thinly traded off-hours or increase the risks of market manipulation.
The CFTC is seeking public input on these and dozens of other issues after US exchange platform CME Group announced plans to launch 24/7 trading of a smaller WTI crude futures contract on 30 August. The CFTC is also soliciting input on its potential approval of energy-focused "perpetual" contracts, which are designed to track prices of commodities but which never expire.
In China, crude imports fell to 7.78mn b/d in May, dropping by 1.58mn b/d from April to the lowest level since October 2017. Imports from most regions declined, because buying interest was dampened by higher prices that came from the supply shortages arising from the effective closure of the strait of Hormuz.
By YouLiang Chay