Oil is Falling But Hovering Near Its Highest Level in 3 Years Thanks to Signs of Recovery

Oil prices fell slightly on Thursday, June 24, but are still close to their highest levels in nearly three years, supported by a draw in US inventories and an acceleration in German economic activity.

Prices were also supported by doubts about the future of the 2015 Iran nuclear deal, which could end US sanctions on Iranian crude exports.

Brent crude fell 18 cents, or 0.24%, to $75.01 a barrel by 10:55 GMT, after rising earlier to $75.78. And US crude fell 17 cents, or 0.23%, to $ 72.91 a barrel, after hitting its highest level in the session at $ 73.61 earlier.

Both benchmarks rose to their highest levels since October 2018 on Wednesday, but later pared gains slightly.

OPEC and its allies, the group is known as OPEC+, will meet on July 1. Two sources in OPEC+ said on Tuesday that the group is looking at further easing the record production cut applied since last year, starting in August, but no decision has been made on the specific volumes.