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Oil Edges Off Highs, But Geopolitical Tensions Loom

Posted April 12, 2018

Under Economic Issues, International Trade Issues

(Libby George – Reuters)

Oil markets edged back from highs last reached in late 2014 as ample supplies weighed, but prices were underpinned by worries over military escalation in Syria and trade tensions between the United States and China.

Brent crude futures were at $71.70 a barrel on Thursday, down 36 cents from their last close. U.S. WTI crude futures were down 20 cents at $66.62.

Both Brent and WTI on Wednesday hit their highest since late2014 at $73.09 and $67.45 a barrel respectively after Saudi Arabia said it intercepted missiles over Riyadh and U.S. President Donald Trump warned Russia of imminent military action in Syria.

Analysts said the resulting geopolitical fears had pushed fundamentals aside. Click here to read more.