Oil falls as geopolitical jitters cool, demand concerns resume
BNN Bloomberg
Oil dropped as a pipeline carrying Russian crude to Europe was reported to have restarted and tensions over Poland eased, pushing demand concerns to the market’s forefront.
Oil dropped as a pipeline carrying Russian crude to Europe was reported to have restarted and tensions over Poland eased, pushing demand concerns to the market’s forefront.
West Texas Intermediate fell 1.5 per cent to settle above US$85 after a volatile session on Wednesday where futures swung in a US$3 range. Crude sold off after a section of the Druzhba oil pipeline, Europe’s largest crude oil conduit, was reported to have restarted following a power supply disruption.
Oil experienced a volatile 24 hours after a renewed injection of geopolitical risk. An oil tanker linked to an Israeli billionaire was hit by a projectile about 150 miles off the coast of Oman, according to a statement from its owner. Tuesday, a rocket hit a Polish village near the Ukrainian border. NATO and Polish leaders say the incident was unlikely to have been an intentional attack.
