Reuters: Oil tumbles as investors rethink Mideast disruption risk

12:50, 07 January 2020
Economy
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REUTERS

Brent crude LCOc1 fell as much as 1.5% to $67.86 a barrel and was at $68.39, down 52 cents, at 0737 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.85, down 42 cents, after earlier dropping 1.5% to an intra-day low of $62.30, Reuters said.

Read alsoReuters: Oil prices jump $1 after U.S air strike kills Iran, Iraq military personnel

Prices surged during the previous two sessions, with Brent reaching its highest since September while WTI rose to the most since April.

The gains followed fears of escalating conflict and potential Middle East supply disruptions after the January 3 drone strike in Baghdad that killed Iran's Qassem Soleimani. But, some analysts have tempered expectations for a widespread conflict.

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