Commodities : Oil Declines As Strait Of Hormuz Begins To Normalise
ING Economic and Financial Analysis·2026-06-19·via All Articles on Seeking Alpha
Summary
Oil prices are on track for a weekly decline, with NYMEX WTI down more than 10% versus last week’s close.
OPEC’s latest World Oil Outlook maintains a constructive long-term demand outlook, driven by growth in Asia, the Middle East, Africa, and Latin America.
LME copper prices fell around 1% yesterday, reversing earlier gains after Fed Chair Kevin Warsh signalled a more hawkish stance.
Cocoa prices came under pressure, with New York futures falling up to 4%.
