Oil prices dip as Mideast tensions ease; market eyes trade deal
SINGAPORE: Oil prices edged lower on Tuesday as receding Middle East tensions took some heat out of the market, with both Tehran and Washington desisting from any further escalation after this month’s clashes.
However, the declines were limited by expectations of a drawdown in US crude oil inventories and optimism about the signing of a preliminary trade deal between the US and China, the world’s top oil consumers.
Brent crude was down 8 cents, or 0.1 per cent, at $64.12 per barrel by 0124 GMT. US West Texas Intermediate crude futures were down 4 cents, or 0.1 per cent, at $58.04 a barrel.
