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Oil prices drop as threat of the Middle East war decreases

by Bunkerist
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Following the decrease in the war threat in the Middle East, economic growth values ​​and expectations were positive, and the increase in US crude oil and product inventories continued to decrease in oil prices.

Brent crude LCOc1 fell 20 cents or 0.3% to $ 65.17 at 0240 GMT and is heading towards its first 5% drop in six weeks.

WTI fell 20 cents or 0.3% to $ 59.36, followed by the first six-week drop of about 6% from last Friday’s close, according to recent prices.

Oil is now below the situation before a senior Iranian general killed on January 3 with the US drone attack. Iran has responded to Iraqi air bases that host US forces this week with a ballistic missile attack. Americans claim that there is no loss of life, Iranians claim 80 soldiers died as a result of retaliation!

Canadian Prime Minister Justin Trudeau said on Thursday that a Ukrainian plane crashed in Iran early Wednesday was likely to be dropped by Iranian missile after Iran launched an attack on bases in Iraq.

Approximately 176 passengers and crew died in the plane crash from Tehran to Kiev. Iran denied it was shot by them. Many countries canceled their flights in the region and / or refused to use the airports of Iraq and Iran.

For now, oil investors are focusing on areas far from conflict, but also carefully follow the news from the gulf area, which is an important artery.

The U.S. Energy Information Administration (EIA) said on Wednesday that the world’s largest producer of US raw stocks rose last week against estimates, and fuel stocks rose in a week over a four-year period.


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