KONTAN.CO.ID - LONDON. Oil prices extended losses on Thursday after a 3% drop in the previous session, as investors switched focus to signs that a wider conflict in the key Middle East could be avoided, as well as demand concerns. Brent futures were down 63 cents, or 0.72%, at $86.66 a barrel, while U.S. West Texas Intermediate (WTI) crude futures traded 64 cents lower, or 0.77%, at $82.05 a barrel at 0947 GMT. Investors are unwinding the geopolitical risk premium in oil prices on the perception that any Israeli retaliation to Iran's attack on April 13 will be moderated by international pressure.
Oil Extends Losses on Easing Middle East Tension, Demand Concerns
KONTAN.CO.ID - LONDON. Oil prices extended losses on Thursday after a 3% drop in the previous session, as investors switched focus to signs that a wider conflict in the key Middle East could be avoided, as well as demand concerns. Brent futures were down 63 cents, or 0.72%, at $86.66 a barrel, while U.S. West Texas Intermediate (WTI) crude futures traded 64 cents lower, or 0.77%, at $82.05 a barrel at 0947 GMT. Investors are unwinding the geopolitical risk premium in oil prices on the perception that any Israeli retaliation to Iran's attack on April 13 will be moderated by international pressure.