Oil slips as focus shifts from Iran tensions to U.S. crude stocks - Reuters

Oil slips as focus shifts from Iran tensions to U.S. crude stocks - Reuters:

Oil prices retreated further on Thursday after sharp losses in the previous session, as the market shifted its focused towards rising U.S. crude stocks and away from fears of an imminent escalation of conflict between the United States and Iran.

Broadly, prices were moving back towards where they stood before the Jan. 3 U.S. drone strike that killed a top Iranian general, prompting an Iranian rocket attack on Iraqi airbases hosting U.S. forces. These events had pushed crude to its highest in four months.

After a 4.1% fall on Wednesday, Brent crude futures were down 39 cents at $65.05 a barrel at 1447 GMT, with the downward move accelerating once U.S. markets woke up. West Texas Intermediate was down 37 cents at $59.24 after sliding nearly 5% the previous day.