NEW YORK, June 27 (UPI) -- West Texas Intermediate crude oil held close to $80 per barrel Wednesday with traders awaiting news from the European Union, where a summit begins Thursday.
The sovereign debt crisis in the eurozone remains the dominant news factor, but supply concerns are also defining the pricing environment. The international oil purchase embargo against Iran officially begins July 1. In addition, Iran has said its production would drop 20 percent to 30 percent beginning July 1, as the country is making do by scheduling oil industry maintenance projects to coincide with the embargo.