Thursday 18 July 2019

Oil steadies, shrugging off Iran's seizure of tanker in Gulf - Reuters

Oil steadies, shrugging off Iran's seizure of tanker in Gulf - Reuters:

Oil initially rose more than 1% on Thursday after Iran said it had seized a foreign tanker in the Gulf, but prices gradually lost their gains as it emerged that the vessel had only a small cargo and was detained on Sunday for fuel smuggling.

Prices steadied by 1330 GMT with Brent crude LCOc1 futures up 1 cent at $63.67 a barrel, after hitting a session high of $64.46.

West Texas Intermediate crude CLc1 futures were down 7 cents at $56.71 after the U.S. benchmark hit a session high of $57.32.

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