Oil prices fell by more than 1% on Monday, as the market focus switched to fundamentals after Israel and Iran played down the risk of an escalation of hostilities following Israel's apparently small strike on Iran. The front-month U.S. West Texas Intermediate (WTI) crude contract for May, which expires on Monday, fell 97 cents, or 1.2%, to $82.17 a barrel, while the more active June contract dropped $1.23 to $80.99 a barrel. "Brent crude prices failed to retain their initial surge, with broad expectations that geopolitical tensions between Israel and Iran may fizzle off given Iran's tamed response," said Yeap Jun Rong, market strategist at IG.
Oil prices fell on Monday, dragged down by a renewed focus on market fundamentals as Israel and Iran played down the risks of an escalation of hostilities in the Middle East after Israel's apparently small strike on Iran. Brent futures fell 67 cents, or 0.77%, to $86.62 a barrel by 0415 GMT. The front-month US West Texas Intermediate (WTI) crude contract for May, which expires on Monday, fell 63 cents, or 0.76%, to $82.51 a barrel, while the more active June contract dropped 64 cents to $81.58 a barrel.
Oil prices fall more than 1 per cent as Iran-Israel tensions ease cyprus-mail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cyprus-mail.com Daily Mail and Mail on Sunday newspapers.
Brent hovers above $86 as traders unfazed by MidEast conflict streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.