Commodity News
HeadLine : Oil dips as markets await Iran response to U.S. killing of military commander
Date : Jan 7 2020
Oil prices edged lower on Tuesday, coming off their highest levels in months as the market calmed while the world braces for Iran's response to the killing of its top military commander by the United States. Brent crude (LCOc1) fell 44 cents to $68.47 a barrel, while U.S. West Texas Intermediate (WTI) crude (CLc1) was at $62.86 a barrel, down 41 cents. Prices surged for the previous two sessions on fears of escalating conflict and supply disruption in the Middle East after the Jan. 3 drone strike in Baghdad that killed Iran's Qassem Soleimani. But some analysts have tempered expectations for a widespread conflict. Prices are also likely to gain support from higher compliance among the Organization of the Petroleum Exporting Countries (OPEC) on meeting production quota curbs aimed at reducing supply. On average, OPEC members pumped 29.50 million barrels per day (bpd) last month, down 50,000 bpd from November's revised figure, according to a Reuters survey. In the United States, crude oil stockpiles likely dropped last week for a fourth week in a row as exports ramped up, a preliminary Reuters poll showed on Monday.

Source : Investing
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