Energy Preview: WTI crude oil tumbles as Trump announces Israel-Iran ceasefire

WTI crude oil futures are down around 2.5% in early Asia on Tuesday following a sharp plunge by over 7% in the previous session as President Trump?s announced that a ceasefire has been agreed upon between Iran and Israel. Trump said on Monday that a complete and total ceasefire between Israel and Iran will go into effect in order to end the conflict between the two nations. In totality the commodity is down almost 10% so far this week. The counter is currently quoting at $66.85 per barrel, down 2.42% on the day and is lingering around its lowest level in two-weeks. For the day, cues from Chair Jerome Powell?s semiannual testimonies and the release of US Consumer Confidence coupled with weekly crude oil stock from the American Petroleum Institute (API) will be watched.

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