Oil futures settled slightly higher on Wednesday to tally a fourth gain in a row. Despite the bullish fundamentals for oil, including the weekly decline in U.S. crude and gasoline supplies, concerns about the potential addition of Iranian oil, as well as the impact from the Chinese crackdown on retail commodity investors remain, said Phil Flynn, senior market analyst at The Price futures Group. China’s crackdown is “leading to some long liquidation that is weighing on the market sentiment,” he said. And when it comes to Iran, the key is the decision by the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, at their meeting on Tuesday, Flynn told MarketWatch. West Texas Intermediate oil for July delivery edged up by 14 cents, or 0.2%, to settle at $66.21 a barrel on the New York Mercantile Exchange.
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