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4/25, 9:32 PM (Source: TeleTrader)
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Brent falls from half-year high as deficit fears ease

The downward pressure on the prices of oil from signs of oversupply more than offset concern on Thursday about possible shortages from sanctions the United States reimposed on Iran, the political and economic crisis in Venezuela and the renewed fighting in Libya. Brent crude for settlement in June dropped to as low as $74 per barrel after touching $75.6 for the first time since October 31.

Officials from the United States expressed belief supply is strong enough to cover the drop on a global scale, backed by estimates by consultancies and assurances by Saudi Arabia and the United Arab Emirates. Earlier, Poland and Germany prompted caution in the markets as they halted imports of oil via Russia's Druzhba pipeline, citing contamination. The Kremlin later vowed to secure the delivery of cleaner oil. The US Department of Energy measured a jump of 5.48 million barrels in commercial reserves for last week.

West Texas Intermediate for shipment in June dropped 1.11% at 9:21 pm CET to $65.04 per barrel. Brent was 0.31% in the red at $74.25 for one barrel.

Breaking the News / IT