TOKYO-Oil prices continued its underperformance as the possibility of war in Middle East abated and investors focused on economic growth together with increase in US crude oil and output inventories.
Brent crude oil LCOc1 decreased by 20 cents, equivalent to 0.3% at $65.17 by 0240 GMT. Such is expected to hit its first setback in six weeks, shedding 5%.
West Texas Intermediate declined 20 cents, equivalent to 0.3% at $59.36.WTI is also viewed to reach lowest ground in six weeks from Friday’s session according to recent prices.
Oil fell deeper, far from its records before a US-conducted strike killed one of Iran’s top commanders last Jan. 3. As a response, Iran launched missile attack targeted at Iraq airbase facilitating US forces, but no casualties or damage was reported.
“Although markets are rightly pricing in a lower risk of ... supply-side disruptions in the Middle East, we still think there remains some ongoing risk to output from geopolitical issues in the region,” J.P.Morgan stated in a commodities note.
A Ukrainian airliner that crashed within Iran’s base during the early hours of Wednesday following Iran’s attack on Iraq, was viewed to be caused by one of Iran’s missiles, Canada’s Prime Minister Justin Trudeau said on Thursday.
An estimated 180 passengers, boarded inside the Ukrainian airplane bound from Tehran to Kiev, all died as Iran disproved claims that it was because of their missile.
Recently, investors are focused on areas far from dispute.
Crude stocks of world’s largest producer beat forecast as gasoline increased the highest in a week in four years, US Energy Information said last Wednesday.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...