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
Israel at War

Israel has entered its fourth week of war against Hamas after the group infiltrated the country on October 7.

Israel conducted its most intense ground operation in Gaza overnight, attacking about 150 underground targets, according to IDF.

Around the World

Celebrity News

> Latest News in Media

Watch It
Most JAW-DROPPING Red Carpet Looks of 2023! | E! News
November 25, 2023
QYdGK85RVIo
We’re not in #Bravocon anymore, but we are forever #ThankfulFor this heels mishap. 👠 #shorts
November 24, 2023
w7OO9tFWeBs
We’re #ThankfulFor #PrinceLouis always being a relatable king. 👑 #shorts
November 24, 2023
TNshrKwJQ1k
Ariana Greenblatt Awards Billie Eilish for 'What Was I Made For?' at Variety's Power of Women
November 21, 2023
zsfPmAgoLPk
Does Carey Mulligan Know Lines From Her Most Famous Movies?
November 20, 2023
dnSHp86391A
'The Killer' Cinematographer Breaks Down the Methodical Opening Scene of Fincher's Netflix Thriller
November 17, 2023
hN8RksT8jUg
Tiffany Haddish Addresses New DUI Arrest in Audio of Laugh Factory Set | TMZ
November 26, 2023
vydbW4VhxtQ
Hit-Boy Predicts Producer of the Year Grammy Win, Will Freestyle Speech | TMZ
November 26, 2023
I71Y4LljfJY
Quavo Launches Fresh Food Initiative for Thanksgiving Drive, Feeds 300 | TMZ
November 25, 2023
GGNc58WMhIw
Embattled Susan Sarandon’s son begs fans to stop sharing video ‘with her honkers out’
November 25, 2023
e-nM2RqyqPg
Lisa Hochstein’s boyfriend, Jody Glidden, called off wedding just before being seen with 'RHOM' star
November 24, 2023
fIzcWMJ3zZY
Tiffany Haddish arrested for DUI hours after performing at Thanksgiving comedy show
November 24, 2023
eKcp-u1NJBo
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
26
Nov
ITALY: Serie A
Cagliari - Monza
25
Nov
ENGLAND: Premier League
Manchester City - Liverpool
25
Nov
SPAIN: La Liga
Rayo Vallecano - Barcelona
25
Nov
ENGLAND: Premier League
Newcastle United - Chelsea
25
Nov
ENGLAND: Premier League
Brentford - Arsenal
25
Nov
SPAIN: La Liga
Atletico Madrid - Mallorca
25
Nov
ITALY: Serie A
AC Milan - Fiorentina
25
Nov
ITALY: Serie A
Atalanta - Napoli
25
Nov
GERMANY: Bundesliga
Borussia Dortmund - Borussia Monchengladbach
25
Nov
ENGLAND: Championship
Millwall - Coventry
25
Nov
GERMANY: Bundesliga
Eintracht Frankfurt - Stuttgart
25
Nov
SPAIN: La Liga
Valencia - Celta Vigo
25
Nov
ENGLAND: Premier League
Nottingham Forest - Brighton
25
Nov
SPAIN: La Liga
Getafe - Almeria
25
Nov
ENGLAND: Championship
Stoke City - Blackburn
25
Nov
ENGLAND: Premier League
Sheffield United - Bournemouth
25
Nov
ENGLAND: Championship
West Bromwich Albion - Ipswich Town
24
Nov
GERMANY: Bundesliga
Koln - Bayern Munich
12
Nov
ENGLAND: Premier League
Chelsea - Manchester City
12
Nov
SPAIN: La Liga
Atletico Madrid - Villarreal
12
Nov
SPAIN: La Liga
Barcelona - Alaves
12
Nov
ENGLAND: Premier League
Liverpool - Brentford
12
Nov
ITALY: Serie A
Inter Milan - Frosinone
12
Nov
ITALY: Serie A
Lazio - Roma
12
Nov
ITALY: Serie A
Napoli - Empoli
11
Nov
SPAIN: La Liga
Real Madrid - Valencia
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.