January 13, 2020

Oil Falls to the Lowest in Over a Month as Gulf Tensions Recede
(Bloomberg) -- Oil settled at the lowest level since early December as geopolitical tension in the Middle East eased. Futures in New York fell 1.6% Monday. The threat of an outright war has receded since Tehran fired missiles at U.S.-Iraqi bases last week in retaliation for Washington’s assassination of its top general. In Libya, warring factions have called a cease-fire in their nine-month conflict. But the situation in Iran remains volatile amid protests against the government’s accidental downing of a commercial airliner.“There is a continuing sense that the geopolitical risk from Iran has come down dramatically,” said Phil Flynn, a senior market analyst at Price Futures Group Inc. “There is reduced risk to supply and that’s weighing on market sentiment.”The lack of a geopolitical risk premium is partly due to plentiful supplies of U.S. shale and a torrent of new crude from non-OPEC countries including Brazil, Guyana and Norway. On the demand side, the U.S. and China are set to sign their limited trade deal this week, which may improve sentiment.See also: How the Market Learned to Live With a Middle East in Flames“We are now rolling into a period with a softer fundamental oil-market balance,” said Helge Andre Martinsen, senior oil market analyst at DNB Bank ASA. “We need actual supply disruptions to push prices close to $70. But watch out for increasing Iranian proxy activity and an acceleration of Iran’s nuclear program in the months ahead.”Brent futures for March settlement fell 78 cents to $64.20 a barrel on the ICE Futures Europe Exchange after losing 5.3% last week. The global crude benchmark traded at a $6.12 premium to WTI for the same month.West Texas Intermediate crude for February delivery fell 96 cents to $58.08 a barrel on the New York Mercantile Exchange. The contract fell 6.4% last week, the most since mid-July.U.S. to Lift China Currency Manipulator Tag Ahead of Trade DealWhile the chance of imminent war has lessened, relations between the U.S. and Iran remain combustible. Tehran has said it will stop abiding by limits on uranium enrichment, while the U.S. imposed new sanctions on the Islamic Republic. Oil markets are underestimating the risks in the Middle East and may be wrong in assuming Iran’s retaliation is over, said Jason Bordoff, head of the Center on Global Energy Policy at Columbia University in New York.Meanwhile, Brazil and Guyana are set to add more than 400,000 barrels of combined daily supplies to the market this year, a volume that would offset most of the auxiliary cuts agreed to by OPEC and its allies in late 2019, according to Stratas Advisors.\--With assistance from James Thornhill and Grant Smith.To contact the reporter on this story: Sheela Tobben in New York at vtobben@bloomberg.netTo contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Mike Jeffers, Catherine TraywickFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Related Stories
Latest News
Top news around the world
Coronavirus Disease

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.

Around the World

Celebrity News

> Latest News in Media

Watch It
Tori Spelling livid outside lawyer’s office | Page Six Celebrity News
October 19, 2021
c6jXGlZ4tUM
Meghan McCain reveals why she quit ‘The View’ | Page Six Celebrity News
October 19, 2021
U8hKU3XaWoA
Melanie C tears up over ‘DWTS’ elimination | Page Six Celebrity News
October 19, 2021
6kupl6xAqYs
Patrick Mahomes' Brother Apologizes For Dancing On Sean Taylor Memorial | TMZ TV
October 19, 2021
WMz0U0iDNq4
Kanye West Performs 'Runaway' at Wedding in Venice, Italy | TMZ TV
October 19, 2021
C3PovtE3d5k
Possible Brian Laundrie Sighting in Florida, Surveillance Video Shows | TMZ
October 19, 2021
2irMFY2WQ-4
Dua Lipa SUPERfan, Six Flags Meal Plan & Restroom Emergency
October 19, 2021
sd7Fe-gVJhQ
Meg's Anniversary, Bey & Jay's Date Night & Lala's Astrology
October 19, 2021
FVarQIcAzLU
Alex Rodriguez Gets Trolled by Red Sox Fans With J.Lo Chant | E! News
October 19, 2021
b-NAElRjFLI
Kristen Stewart Responds to 'Joker' Internet Campaign
October 20, 2021
EiMyKvaV4uk
Netflix Stock Stalls Despite Better-Than-Expected Q3 Earnings
October 20, 2021
KUhMTj6Zkl0
From 'Nightcrawler' to 'Sound of Metal:' Riz Ahmed Explains What He's Learned From Every Role
October 20, 2021
2u1tkFGVeng
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
19
Nov
ASIAN CHAMPIONS LEAGUE: Group H
Sydney FC - Shanghai SIPG
17
Nov
UEFA NATIONS LEAGUE A: Group Stage
Spain - Germany
14
Nov
UEFA NATIONS LEAGUE A: Group Stage
Germany - Ukraine
08
Nov
ENGLAND: Premier League
Manchester City - Liverpool
08
Nov
ENGLAND: Premier League
Arsenal - Aston Villa
08
Nov
SPAIN: La Liga
Valencia - Real Madrid
08
Nov
ITALY: Serie A
AC Milan - Verona
08
Nov
ENGLAND: Premier League
West Bromwich Albion - Tottenham Hotspur
08
Nov
ITALY: Serie A
Bologna - Napoli
08
Nov
ITALY: Serie A
Genoa - Roma
08
Nov
ITALY: Serie A
Atalanta - Inter Milan
08
Nov
ITALY: Serie A
Lazio - Juventus
08
Nov
GERMANY: Bundesliga
Bayer Leverkusen - Borussia Monchengladbach
08
Nov
ENGLAND: Premier League
Leicester City - Wolves
08
Nov
GERMANY: Bundesliga
Wolfsburg - Hoffenheim
08
Nov
SPAIN: La Liga
Real Valladolid - Athletic Bilbao
08
Nov
SPAIN: La Liga
Levante - Alaves
08
Nov
SPAIN: La Liga
Real Sociedad - Granada CF
08
Nov
ITALY: Serie A
Torino - Crotone
08
Nov
SPAIN: La Liga
Getafe - Villarreal
07
Nov
GERMANY: Bundesliga
Borussia Dortmund - Bayern Munich
07
Nov
ENGLAND: Premier League
Everton - Manchester United
07
Nov
ENGLAND: Premier League
Chelsea - Sheffield United
07
Nov
SPAIN: La Liga
Atletico Madrid - Cadiz
07
Nov
SPAIN: La Liga
Barcelona - Real Betis
07
Nov
GERMANY: Bundesliga
Augsburg - Hertha Berlin
07
Nov
GERMANY: Bundesliga
Stuttgart - Eintracht Frankfurt
07
Nov
GERMANY: Bundesliga
RB Leipzig - SC Freiburg
07
Nov
ENGLAND: Championship
Rotherham - Preston NE
07
Nov
ITALY: Serie A
Parma - Fiorentina
07
Nov
ENGLAND: Championship
Watford - Coventry
07
Nov
ENGLAND: Championship
Norwich City - Swansea City
07
Nov
ENGLAND: Championship
Blackburn - QPR
07
Nov
ENGLAND: Championship
Derby County - Barnsley
07
Nov
ENGLAND: Championship
Huddersfield - Luton
07
Nov
ENGLAND: Championship
Nottingham Forest - Wycombe Wanderers
07
Nov
ENGLAND: Premier League
West Ham United - Fulham
07
Nov
ENGLAND: Championship
Sheffield Wednesday - Millwall
07
Nov
ENGLAND: Championship
Brentford - Middlesbrough
07
Nov
ENGLAND: Championship
Birmingham - Bournemouth
07
Nov
SPAIN: La Liga
Sevilla - Osasuna
07
Nov
ITALY: Serie A
Benevento - Spezia
07
Nov
ENGLAND: Premier League
Crystal Palace - Leeds
04
Nov
CHAMPIONS LEAGUE: Group stage, Group G
Ferencvaros - Juventus
04
Nov
CHAMPIONS LEAGUE: Group stage, Group G
Barcelona - Dynamo K.
03
Nov
CHAMPIONS LEAGUE: Group stage, Group A
Salzburg - Bayern Munich
03
Nov
CHAMPIONS LEAGUE: Group stage, Group D
Atalanta - Liverpool
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.