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A Rush to Stockpile Oil Will Keep Prices Higher -2-
0749 GMT - Oil prices erase most of the previous session's gains after Israel and Iran halted attacks on each other following a recent escalation that threatened regional negotiations to end the war. In early European trading, Brent crude is down 1.2% to $93.08 a barrel, while WTI futures decline 1.8% to $89.68 a barrel.Meanwhile, the latest trade data from China shows crude oil imports fell further in April as refiners increasingly draw down inventories rather than sourcing additional barrels from abroad. "The 29% year-on-year drop together with a surge in U.S. exports, releases from SPR [strategic petroleum reserve], and a degree of demand destruction, helps explain why oil prices failed to rally more aggressively during last month's supply disruptions," analysts at Saxo Bank say. (giulia.petroni@wsj.com)
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newsbytesapp.com
Oil prices jump over 3% as Iran-Israel tensions flare again
Oil prices jumped over 3% on Monday as escalating strikes between Iran and Israel heightened fears of prolonged regional instability, threatening a fragile ceasefire.
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thedailystar.net
Oil prices climb 3% after Iranian missile strikes on Israel
Brent crude, the international benchmark, climbed 3.29 percent to $96.15 a barrel
