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Oil edges up after plunge, as market recovers poise

Published 01/09/2020, 09:59 AM
Updated 01/09/2020, 10:00 AM
Oil edges up after plunge, as market recovers poise
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TOKYO, Jan 9 (Reuters) - Oil prices rose on Thursday,
recouping some of the heavy losses from the previous session as
the market rebalanced after Washington and Tehran looked to
defuse a potential Middle East crisis.
Prices had soared in response to the killing of an Iranian
general in an American air strike last week and Iran's
retaliatory attack on U.S. forces in Iraq on Wednesday, before
diving more than 4% when two countries quickly ratcheted back
tensions, hitting a three-week low.
Brent crude futures rose 55 cents, or 0.8%, to $65.99 a
barrel by 0109 GMT after tumbling 4.1% on Wednesday. They are
now a little down on prices before the killing of Iranian
military commander Qassem Soleimani that sparked the crisis.
U.S. oil CLc1 added 61 cents, or 1%, to $60.22 after
falling nearly 5% in the previous session.
President Donald Trump on Wednesday dialled back on days of
threatening commentary and said Iran was "standing down" after
the missile attacks that left no casualties, with Tehran say the
strikes "concluded" its response to the Soleimani killing.
Oil prices also came under pressure on Wednesday after a
surprise build in U.S. crude stockpiles.
J.P.Morgan bank maintained its forecast for Brent to average
$64.50 a barrel this year.
"The impact on oil prices will depend on (the) extent of
supply disruption versus available spare capacity, global oil
inventories and reaction to oil price from U.S. producers," the
bank said in a commodities research note.

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