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6/20, 10:50 AM (Source: TeleTrader)
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Oil jumps over 2% after Iran downs US drone

Oil prices surged over 2% on Thursday as tensions in the Middle East escalated further after Iran claimed it downed a United States drone that entered its airspace. Washington confirmed its unmanned aircraft was shot down but insisted it had not entered Iran's territory.

Crude prices were also supported by fresh hopes the US and China will reach a trade deal, as well as by a reported drop in American oil stockpiles. According to the US Energy Information Administration (EIA), the country's inventories fell by 3.1 million barrels to 482.4 million barrels in the week ending June 14.

Brent for deliveries in August hit a 10-day high as it jumped 2.41% to go for $63.36 per barrel at 4:35 am ET, while West Texas Intermediate (WTI) for settlements in August rallied 2.76% to sell for $55.43 per barrel at 4:37 am ET, the highest it has been since the end of May.

Breaking the News / NP