U.S. oil hovers near $83 as war fears ease after Israel refrains from immediate Iran counterattack
Publishing timestamp: 2024-04-18 13:38:26
Summary
Oil prices have sold off this week as traders unwind geopolitical risk premium built into prices over the last two weeks on Israel-Iran tensions. Israel has refrained from immediately striking back against Iran, reducing fears of a major war. Crude oil futures gained on Thursday as traders crept back into the market after a sell-off driven by reduced fears of war. Prices have also fallen on a 10 million barrel build in U.S. petroleum inventories. Biden administration has imposed new sanctions against Iran's missile and drone program.
Sentiment: MIXED
Keywords: business news, wti crude (mar'23), ice brent crude (apr'23), markets, investment strategy, oil and gas, breaking news: markets,
Source: https://www.cnbc.com/2024/04/18/crude-oil-prices-today.html