Fx trading News: Oil prices dive! As tensions in the United States and Iraq ease and U.S. crude stocks increase!
2020-01-09 11:40 from：CAPSTONE author：Jack
Capstone forex trading news: Crude oil futures prices fell sharply by more than 4% on Wednesday and once surged to a nearly four-month high during the session as Iran fired missiles at the US forces in Iran. The two countries quickly eased tensions and oil prices fell.
Oil prices fell as missile attacks apparently did not damage oil facilities or hurt any Americans, and more pressure came from the unexpected increase in U.S. crude oil inventories.
U.S. President Donald Trump has given up his angry words against Iran for several days, and the two countries try to resolve the crisis caused by the US killing Iranian military commander Suleimani.
"We have strong military and equipment ... but that doesn't mean we have to use it," Trump said in a speech to the White House, saying that Iran appears to be easing its stance.
Before Trump's speech, the US President and Iranian Foreign Minister signaled at least a temporary calm on Twitter, and oil prices have fallen from overnight highs.
Brent crude oil futures fell $ 2.83, or 4.2%, to close at $ 65.44 per barrel, the lowest closing price since December 16 last year. In early trading, the contract hit its highest level since mid-September at $ 71.75.
Since reaching a low of $ 56.15 per barrel in October last year, this global indicator crude oil contract has been on an upward trend; Wednesday's intraday high was 28% higher than that level.
The American Energy Information Administration (EIA) said crude oil inventories increased by 1.2 million barrels last week. This increase was unexpected by the market, which was previously expected to decrease by 2.6 million barrels, which also contradicts the 5.9 million barrel reduction announced by the American Petroleum Institute (API).
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