Oil Steadies After Wild Ride Triggered by U.S.-Iran Hostilities

Tuesday, 7 January 2020 08:02 WIB

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Oil steadied as investors weighed the risk to Middle East oil supplies in the fallout from the U.S. airstrikes that killed Iran’s most powerful military general and sparked a severe escalation in hostilities between the two nations.

Futures in New York slipped slightly as the market opened in Asia on Tuesday after two days of wild trading that took prices to the highest since April before a pullback to about $63 a barrel at the close on Monday.

The White House has ordered additional forces to the Middle East after Iran pledged to retaliate against the killing of General Qassem Soleimani and the U.S. defense secretary said it hasn’t decided on whether to leave Iraq after the country’s parliament called on American troops to withdraw. While the State Department has warned of an elevated risk of missile attacks near energy facilities in Saudi Arabia, oil supplies are still flowing from the Persian Gulf without disruption.

West Texas Intermediate for February delivery fell 39 cents, or 0.6%, $62.88/bbl on the New York Mercantile Exchange as of 8:19am in Singapore.

Source : Bloomberg


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