Oil slipped on Friday following an earlier price spike of more than $3 after Iran played down reported Israeli attacks on its soil, in a sign that an escalation of hostilities in the Middle East might be avoided.
April 19 - The front month U.S. West Texas Int ermediate crude contract for for May fell 66 cents, or 0.8%, at $82.07 at 1314 GMT. The more active June contract was down 68 cents, or 0.83%, to $81.42."Whilst the initial spike in oil may have highlighted the initial fear of further escalation, we have seen both equities and crude reverse some of those preliminary moves," said Joshua Mahony, chief market analyst at Scope Markets.
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Phototo a pending Ukraine aid package that targets ships, ports or refineries that process Iranian crude and transactions from Chinese financial institutions involving purchases of petroleum from Iran.
As oil's risk premium has gradually unwound, prices have fallen around 4% since Monday and are set for their biggest weekly loss since early February."The oil market is nonetheless concerned as there is too much oil supply at stake," said Bjarne Schieldrop, commodities analyst at SEB Research. "Oil demand is growing at a healthy pace, and supply should be constrained due to the extensions of the voluntary production cuts of OPEC+," UBS analyst Giovanni Staunovo said.Reporting by Robert Harvey and Noah Browning in London, Deep Vakil in Bengaluru, Andrew Hayley in Beijing, Florence Tan in Singapore and Laila Kearney in New York; editing by Barbara Lewis
MKTREP REP CEN COM CRU DRV ECI ECO ENR INT MCE MPLT NRG PLCY PROD WEU AMERS US EUROP MEAST NAMER EMEA CDTY ECON FIN O/R TOPNWS ENERGY TOPCMB CWP GEN
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