Reported 8 months ago
Oil prices continued to fall for the second consecutive session due to a risk-off sentiment in the markets, despite escalating attacks on ships near Yemen. Brent and West Texas Intermediate prices dropped even though two vessels were attacked, one abandoned and the other damaged. The broader markets saw Asian equities falling as well, with the dollar holding near a high since November, making commodities more expensive. However, the oil market remains supported by a deficit in the third quarter and positive speculator sentiment as summer approaches. Snap elections in Iran following heightened tensions with the West also add to the geopolitical backdrop in the region.
Source: YAHOO