Anonymous ID: 0b5bc7 Jan. 8, 2020, 10:08 a.m. No.7753045   🗄️.is đź”—kun

>>7752637 Dow up! MSM not!

 

Oil dives on soothing words from U.S., Iran and on U.S. crude inventory build

 

Oil futures fell near 4% on Wednesday in a wild swing, soaring close to a four-month high in early trade on an Iranian rocket attack on U.S. forces in Iraq but then retreating as the countries quickly ratcheted back tensions. Prices fell further as it became evident that the rocket attack did not damage oil facilities, and more pressure came from a U.S. government report showing a surprise build in crude stockpiles. “No Americans were harmed in last night’s attack by the Iranian regime,” U.S. President Donald Trump said in a White House address. He urged world powers to forge a new nuclear deal with Tehran. Before Trump’s address, prices were already retreating from overnight highs after tweets by Trump and Iran’s foreign minister signaled at least temporary calm.

 

The global benchmark has been trending higher since hitting an October low of $56.15 per barrel; the session high was 28% above that level. U.S. West Texas Intermediate (WTI) crude was down to $59.6x per barrel. The session high of $65.65 was the highest since late April.

 

The U.S. Energy Information Administration (EIA) said crude inventories rose by 1.2 million barrels during the week ended Jan. 3.

That increase surprised the market which had expected a 2.6 million barrel decrease, and contradicted preliminary industry data showing a 5.9 million barrel decline.

https://www.reuters.com/article/us-global-oil/oil-dives-on-soothing-words-from-u-s-iran-and-on-u-s-crude-build-idUSKBN1Z7039