Oil Steadies Near $60 After Trump Downplays Iran Attacks
Thursday, 9 January 2020 07:42 WIB | COMMODITY |BrentWTIMinyak

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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