LIVE CRUDE OIL NEWS UPDATE BY DELTA
Call Or Whatsapp At 7078174828/7900407979
Maximum Accuracy Best Returns
Oil slides as US-Iran tensions abate
Oil prices fell from nine-month highs last week and have extended losses into this week, as escalating tensions between the US and Iran subsided. Gold also fell as safe-haven plays were scaled back, while agricultural commodities are higher, awaiting the signing of phase one of the US-China trade deal tomorrow.prices have fallen for the past six sessions as the threat of escalating retaliation attacks in the Middle East appear to have disappeared. Last week saw the biggest weekly drop since mid-July for West Texas Intermediate, which touched the lowest level since December 6 yesterday.
Saudi Arabia has vowed to maintain stable oil markets and we are due to hear the demand outlooks for 2020 from three institutions over the next three days: OPEC, the International Energy Agency and the Energy Information Administration. China is scheduled to release its oil output data on January 17. On the US supply front, the number of US oil rigs in production fell for a third week last week, dropping to the lowest since March 2017.Speculative investors remain bullish on the prospects for oil, having increased net longs for a fifth straight week to January 7, according to the latest data from. Net longs are now at the highest since August 2018. opened below the level of the rally from October to January at $58.36 this morning, the first time it has done so since December 6. The 100-day moving average is at $57.14 and has supported prices for six weeks.