Oil Slips Towards $65
Oil slipped towards $65 a barrel on Friday as the threat of war in the Middle East receded and investors focused on rising US inventories and other signs of ample supply.
Crude is now below where it was before a US drone strike killed Iran’s top general Qassem Soleimani on Jan. 3. Iran responded with a missile attack on Iraqi air bases hosting US forces this week that left no casualties, CNBC reported.
“Immediate escalation has been avoided,” said Olivier Jakob, oil analyst at Petromatrix. “There has been some de-escalation, but the return of risk is still there.”
Brent crude, the global benchmark, was down 20 cents at $65.17, and was heading for its first weekly decline in six weeks, down about 5%.
US West Texas Intermediate crude was 25 cents lower at $59.31.
“Tensions between the US and Iran appear to have eased almost as quickly as they escalated,” said Craig Erlam, an analyst at OANDA, a brokerage.
“Brent is trading back around $65 and is looking pretty stable at this point. Barring any further escalation in the Middle East, we could see oil prices stabilize around these levels in the near term.”
With Middle East tensions easing for now, investors are focusing on areas away from the conflict.
Crude inventories in the United States rose last week by 1.2 million barrels, the US Energy Information Administration said on Wednesday.
source: Financial Tribune
Top News
El Salvador sitting on $3 trillion worth of unmined gold, president says
Gold price could extend record run into 2025, Heraeus says
Trump tariff risk roils gold and silver as New York prices jump
Rio Tinto’s $2.5 billion lithium plan is a win for Milei
Copper price jumps on China policy, but we’ve been here before
Zimbabwe wants 26% free-carry stake in new mining projects
Glencore ties up with Cyclic Materials in copper recycling push
Lithium supply surplus set to stay with battery makers’ help
China tightens rules to curb methane emissions from coal mines
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
US foreign investment panel split on Nippon-US Steel deal
Norge Mining acquires Europe’s largest natural graphite producer
Australia’s CEFC invests $75m in homegrown critical minerals
Forensic technology aids Brazil’s crackdown on illicit Amazon gold trade
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
BHP seeks Brazil growth to emerge from shadow of mining disaster
Norilsk Nickel plans to sell all it produces in 2025
Gold price could extend record run into 2025, Heraeus says
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
US foreign investment panel split on Nippon-US Steel deal
Norge Mining acquires Europe’s largest natural graphite producer
Forensic technology aids Brazil’s crackdown on illicit Amazon gold trade
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
