Thursday, 26 September 2019

Oil steady as Middle East conflict fears support, Trump probe weighs - Reuters

Oil steady as Middle East conflict fears support, Trump probe weighs - Reuters:

Oil was largely flat on Thursday after a Pentagon statement intensified concerns of a Middle East conflict disrupting supply, supporting prices, while new details connected to the impeachment inquiry into U.S. President Donald Trump weakened demand sentiment.

Brent crude LCOc1 futures settled at $62.74 a barrel, up 0.6%, or 35 cents. U.S. West Texas Intermediate (WTI) crude CLc1 settled at $56.41 a barrel, down 8 cents, after briefly turning positive following the Pentagon statement.

Crude futures pared losses late in the session after the U.S. Department of Defense said it would deploy radar systems, Patriot missiles and about two hundred personnel to bolster Saudi Arabia’s defenses after an attack on the kingdom’s oil facilities this month.

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