Commodity News
HeadLine : Oil prices dip as Mideast tensions ease; market eyes trade deal
Date : Jan 14 2020
Oil prices edged lower on Tuesday as receding Middle East tensions took some heat out of the market, with both Tehran and Washington desisting from any further escalation after this month’s clashes. However, the declines were limited by expectations of a drawdown in U.S. crude oil inventories and optimism about the signing of a preliminary trade deal between the U.S. and China, the world’s top oil consumers. Brent crude LCOc1 was down 8 cents, or 0.1%, at $64.12 per barrel. U.S. West Texas Intermediate crude futures CLc1 were down 4 cents, or 0.1%, at $58.04 a barrel. U.S. crude oil inventories were expected to have fallen last week, while stocks of refined products likely continued to rise, with gasoline stockpiles seen gaining for a tenth straight week, a preliminary Reuters poll showed on Monday. Oil prices were supported ahead of the signing at the White House on Wednesday of a Phase 1 trade deal, which marks a major step in ending a dispute that has cut global growth and dented demand for oil. Oil prices surged to their highest in almost four months after a U.S. drone strike killed an Iranian commander on Jan. 3 and Iran retaliated with missiles launched against U.S. bases in Iraq.

Source : Reuters
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