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Oil Holds Biggest Weekly Drop Since July on Easing Gulf Tension

Monday, 13 January 2020 19:50 WIB Minyak WTI Brent

Oil was steady after the biggest weekly drop since July as an easing of geopolitical tension in the Middle East turned attention back to a flood of new supply set to hit the market this year. The threat of an outright war has receded since Tehran fired missiles at U.S.-Iraqi bases last week in retaliation for Washington’s assassination of its top general. The situation in Iran remains volatile, however, amid protests against the government’s accidental downing of a commercial airliner. In Libya, warring factions have called a cease-fire in their nine-month conflict. West Texas Intermediate crude for February delivery added 3 cents to $59.07 a barrel on the New York...

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