MTECHTIPS;-Crude Oil Prices Dip In Asia As Middle East Risk Premium

MTECHTIPS;-Crude Oil Prices Dip In Asia As Middle East Risk Premium Ebbs

MTECHTIPS-Crude oil prices dipped in Asia on Monday as the market backed off a risk premium based on Middle East tensions between Arab states and Iran even as Saudi Arabia at the weekend again criticized Tehran for supporting terrorism. U.S. West Texas Intermediate (WTI) crude futures fell 0.12% to $56.64 a barrel. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., dipped 0.27% tot $62.56 a barrel. In the week ahead, trade volumes are expected to remain light around Thursday\’s Thanksgiving holiday and Friday\’s shortened trading session. Market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer. Last week, crude oil prices jumped on Friday, but failed to offset their first weekly loss in six weeks as fears over rising U.S. output persisted, while falling expectations for an extension of OPEC-led output curbs weighed on sentiment. Despite rising sharply on Friday, crude oil futures failed to pare losses made earlier in the week amid ongoing investor fears that rising U.S. output would dampen OPEC’s efforts to rid the market of excess supplies
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