INPEX and other oil-related stocks decline as WTI crude falls on hopes for end to U.S.-Iran conflict

Oil-related stocks fell, with INPEX CORPORATION <1605>, ENEOS Holdings, Inc. <5020>, and Idemitsu Kosan Co., Ltd. <5019> trading lower. On May 21, U.S. crude oil futures declined, with West Texas Intermediate (WTI) July contracts down $1.91 from the previous day to $96.35 a barrel. Crude oil prices dropped after Middle Eastern media reported that the U.S. and Iran had finalized a draft agreement to be announced soon. With expectations rising for progress in talks to end the conflict, selling pressure dominated shares of companies such as INPEX.

Source: MINKABU PRESS

*Translated by generative AI. Click here for the original article.