Oil down from recent four-month highs
A barrel of Brent oil fetched USD65.82 on Tuesday, down from USD66.08 on Monday. However, West Texas Intermediate crude was up at USD60.94 from USD60.30.
Brent crude oil prices on Tuesday pulled back a little further from four-month highs, said Hargreaves Lansdown analyst Derren Nathan.
"The resumption of exports from Kazakhstan's Tengiz oil field is adding to the oversupply narrative," Nathan said, adding: "That could see over one million barrels of oil per day find its way onto the market.
"The presence of a US naval Armada heading towards the coast of Iran has kept a lid on losses as fears grow of disruption to oil and gas production and transport in the Persian Gulf".
US President Donald Trump on Monday said that Iran is interested in a diplomatic solution to the tensions with the US, as the aircraft carrier USS Abraham Lincoln moved into the Middle East, DPA reports.
The situation with Iran is "in flux" because the US has sent a large fleet to the region, Trump said in an interview with the news portal Axios. "We have a big armada next to Iran. Bigger than Venezuela," the Republican told the portal, adding that diplomacy remained on the table.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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