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Oil prices continue to decline as tensions subside – US stocks increase

UNITED STATES (OBSERVATORY NEWS) — Oil prices continued to decline in trading on Friday, with the risk of war erupting in the Middle East after the escalation of tension between the United States and Iran, and the increase in US oil stocks.

By 08:13 GMT, Brent crude futures for March delivery fell 0.24 percent, or 16 cents, to $ 65.21 a barrel.

Also, US West Texas Intermediate crude for February delivery fell 0.32 percent, or 19 cents, to $ 59.37 a barrel.

Oil prices had deepened their losses in evening trading, Wednesday, after US President Donald Trump excluded the use of the military option to respond to Iranian attacks.

“The military option to respond to Iranian attacks on two American bases, at dawn on Wednesday, is unlikely, and economic sanctions against Tehran will be the appropriate means for us,” Trump said at a press conference at the time.

Crude inventories rose in the United States by 1.2 million barrels during the past week, ending January 3, according to the US Energy Information Administration.

The International Energy Agency expects the global oil market to receive good supplies in 2020 and that demand growth may remain weak, which will dampen prices.

The agency estimates that the market may have a surplus of one million barrels per day during the current year, which provides good supplies.

Brent crude futures exceeded $ 70 a barrel after the Quds Force Commander was killed by the Iranian Revolutionary Guard last Friday night.

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