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Oil prices fall further as threat of Middle East war recedes

Published 01/10/2020, 09:21 AM
Updated 01/10/2020, 09:24 AM
© Reuters. Oil prices fall further as threat of Middle East war recedes
LCO
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TOKYO, Jan 10 (Reuters) - Oil prices dropped on Friday
extending days of losses as the threat of war in the Middle
East, a major oil producing region, receded and investors
switched their attention to economic growth prospects and demand
for crude.
Brent crude LCOc1 was down 14 cents, or 0.2%, at $65.23 at
0119 GMT, after falling more than 4% over the last two days. WTI
was also down 14 cents, or 0.2%, at $59.42, after dropping
slightly on Thursday and plunging around 5% on Wednesday.
"The U.S. and Iran both appear to be trying to de-escalate
... bringing the region back from the brink of war and reducing
the risk of a major supply disruption to oil markets," Eurasia
Group said in a note.
Oil prices are below where they were before a U.S. drone
strike killed a top Iranian general on Jan. 3, with Iran
responding with a ballistic missile attack on Iraqi air bases
hosting U.S. forces this week that left no casualties.

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