Oil extends decline as supply disruption fears recede - Reuters

Oil extends decline as supply disruption fears recede - Reuters:

Oil prices slid toward $64 a barrel on Tuesday, extending four straight days of declines due to easing concerns of possible supply disruptions as a result of tensions in the Middle East.

Brent crude was down 11 cents, or 0.19%, at $64.08 per barrel by 0916 GMT. U.S. West Texas Intermediate crude futures were down 22 cents or 0.4% at $57.86 a barrel. The benchmarks lost about 5% and 6%, respectively, last week.

The recent declines followed investors unwinding bullish positions built following the killing of a senior Iranian general in a U.S. air strike in Iraq on Jan. 2 which sent oil prices to a four-month high, global oil strategist at BNP Paribas in London Harry Tchilinguirian said.

“As geopolitical tensions take a back seat for now, we may see more of the same in the short term,” Tchilinguirian told the Reuters Global Oil Forum.