By Thursday evening...: European oil prices showing signs of recovery

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By Thursday evening...: European oil prices showing signs of recovery

LAHORE: prices of Crude oil, the world's most actively traded commodity, steadied in European markets on Thursday and were seen hovering around the January 3, 2020 levels prevailing before the United States-Iran tiff.
According to CNBC updates at 7.30 pm (PST), a marked recovery was certainly seen, just days after the escalating US-Iran tensions had forced the crude to soar to its highest levels in four months.
However, one cannot predict as to what may transpire within the nest few hours. The “CNBC,” an American business news channel, had reported:” U.S. President Donald Trump had eased tensions by stepping back from further military action, depressing oil prices.
The oil prices steadied on Thursday after the previous session’s sharp losses on the back of swelling U.S. crude stocks and easing fears of imminent escalation of conflict between the United States and Iran. prices were hovering around where they stood before the Jan. 3 U.S. drone strike that killed a top Iranian general, prompting an Iranian rocket attack on Iraqi airbases hosting U.S. forces, and sent crude to its highest in four months.”
The US media house stated: “Brent crude futures moved up and down in early European trading after a 4.1% fall on Wednesday, down 19 cents at $65.25 a barrel. During European trading hours, Iranian media carried reports of military commanders speaking of further action aimed at expelling U.S. troops from the region. Crude oil stocks were up 1.2 million barrels in the week ended Jan. 3 at 431.1 million barrels, the Energy Information Administration said on Wednesday. JPMorgan analysts maintained their forecast for Brent to average $64.50 a barrel this year.
Top oil producers led by Saudi Arabia have agreed to reduce output by as much as 2.1 million barrels per day (bpd) through the first quarter of 2020.”
British news agency, the “Reuters” had maintained: “Oil prices steadied on Thursday after the previous session’s sharp losses on the back of swelling U.S. crude stocks and easing fears of imminent escalation of conflict between the United States and Iran. prices were hovering around where they stood before the Jan. 3 U.S. drone strike that killed a top Iranian general, prompting an Iranian rocket attack on Iraqi airbases hosting U.S. forces, and sent crude to its highest in four months. Brent crude futures moved up and down in early European trading after a 4.1% fall on Wednesday. By 1322 GMT Brent was down 5 cents at $65.39 a barrel. West Texas Intermediate was up 3 cents at $59.64 after sliding nearly 5% the previous day.”
Meanwhile, around 10:00 AM New York time on Thursday, crude oil prices plummeted about 1.2 per cent to rest at $58.82 a barrel, the lowest price since December 5th, courtesy signs of no further escalation between Tehran and Washington and a surprise surge in American inventories of the commodity.The New York oil market also found support after China announced that its Vice Premier, Liu Le, would fly to Washington DC to sign the first phase of the trade deal between the world’s two biggest economies. Brent crude thus fell nearly 0.6 per cent to $65.06 a barrel. Historically, Crude oil prices had reached an all-time high of 147.27 in July 2008.



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