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Oil Steadies Near $60 After Trump Downplays Iran Attacks


Thursday, 9 January 2020 07:42 WIB

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Oil was steady near $60 a barrel as tensions de-escalated in the Middle East after U.S. President Donald Trump downplayed the impact of Iranian attacks on American military bases in Iraq.

Futures in New York added 0.5% after sinking the most in more than a month on Wednesday, erasing an earlier rally, as Trump backed away from the precipice of a war with Iran. While it’s not yet clear whether the Islamic Republic is done with its reprisals for the killing of its top general, the Pentagon said it believes the missile attacks weren’t intended to cause casualties.

Oil has had a tumultuous start to the year following the killing of Iran’s most powerful military commander Qassem Soleimani last week on Trump’s orders. On Wednesday, Iran fired more than a dozen guided missiles at two U.S. bases in Iraq in retaliation for the assassination.

West Texas Intermediate futures added 32 cents to $59.93 a barrel on the New York Mercantile Exchange as of 7:34 a.m. in Singapore. The contract slumped 4.9%, or $3.09, on Wednesday after surging as much as 4.7% earlier in the session. Brent futures slumped 4.2% to settle at $65.44 on Wednesday after earlier rising as much as 5.1%.

Source : Bloomberg


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