Oil Rises Slightly, Down Big From Overnight Highs as Iran Does Not Target Energy Supply in Attacks
Wednesday, 8 January 2020 19:17 WIB |
Oil prices steadied to trade slightly higher Wednesday morning, significantly below peaks hit earlier in the session after Iran launched a rocket attack on American forces in Iraq.
Oil retreated from highs as it became clear no energy infrastructure was targeted. There were no reports of casualties so far either, leading traders to believe maybe there will not be a wider conflict that disrupts crude supply between the U.S. and Iran.
International benchmark Brent crude climbed more than 4% immediately after news of the attack, reaching a session high of $71.75 per barrel ” it's highest value since September. Brent has since pulled back to trade at $68.78, higher by 0.75%.
U.S. West Texas Intermediate crude futures spiked 4.5%, or $2.85, to a session high of $65.65, its highest level since April, before shedding gains to trade at $62.90, higher by just 0.3%.
Source : CNBC