Oil slips towards $65 as Middle East war concerns ease - Reuters

Oil slips towards $65 as Middle East war concerns ease - Reuters:

Oil slipped towards $65 a barrel on Friday as the threat of war in the Middle East receded and investors focused on rising U.S. inventories and other signs of ample supply.

Crude is now below where it was before a U.S. drone strike killed Iranian general Qassem Soleimani on Jan. 3. Iran responded with a missile attack on Iraqi air bases hosting U.S. forces this week that left no casualties. 


“Immediate escalation has been avoided,” said Olivier Jakob, oil analyst at Petromatrix. “There has been some de-escalation, but the return of risk is still there.”

Brent crude LCOc1, the global benchmark, was down 20 cents at $65.17 by 0928 GMT, and was heading for its first weekly decline in six weeks, down about 5%. U.S. West Texas Intermediate crude CLc1 was 25 cents lower at $59.31.