Oil falls despite Gulf tensions
Reuters
Oil falls despite Gulf tensions
Oil prices dropped from gains earlier in the day, but Brent crude is still recording its first weekly gain in five weeks amid rising tensions in the Middle East.
By 0630 GMT, the benchmark Brent crude was down 0.31% at $ 64.25 a barrel, after jumping Thursday by 4.3%.
US WTI fell 0.28% to $ 56.90 after rising yesterday by 5.4%.
On the status of the oil market amid tensions in the Gulf region, Victor Schum, deputy head of energy consulting at IHS Consulting, said that "the recent highs and falls in oil prices indicate a real instability in the oil markets due to increasing Geopolitical tensions, and fears of slowing oil demand due to trade disputes. "
The tension between the United States and Iran intensified sharply yesterday, after Iran dropped a US aircraft violated its airspace, while the Pentagon denied the Iranian version, and confirmed that the plane was flying over international waters.
Source: Reuters
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