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Middle East tensions-Crude oil prices increases

Komal FatimaWeb Editor

08th Jan, 2020. 11:14 am
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Oil Prices

Crude oil prices have increased after the US troops were attacked by ballistic missiles in Iraq.

The price of Brent crude has increased by 2.5% and has reached $69.94 per barrel. Oil supplies in the Middle East can get affected after an increase in prices.

AxiTrader’s Stephen Innes said over the initial reports, “It’s not going to be pretty today.”

Haven assets such as gold and the Japanese yen has also increased.

However, global stock prices have decreased concerns over the increasing tensions in the Middle East.

In early trade, Japan’s benchmark Nikkei 225 has decreased by 2% and Hong Kong’s Hang Seng fell 1%.

Senior marketer advisor at SBI Securities told, “The yen is firming to 107.78-79 levels,” it affected the Japanese stock market.

Investors had been measuring how to trade in Middle East conflicts before the latest acceleration.

European markets were broadly flat when US stocks had ended with slightly lower.

However, the dollar raised 107.78 yen in early Asian trade against 108.42 yen in New York yesterday.

Oil prices in international market tops $70 per barrel

Given that oil prices in the international market had continued to surge on Monday as tensions escalate between the United States and Iran.

US media reported Oil prices in the international market had continued to surge, the global benchmark, gained 2.4% to reach $70.24 per barrel.

This was the first time prices have hit that amount in more than six months.

US oil futures advanced 2.1% to reach $64.36 per barrel.

Oil prices had risen more than 3% on Friday last week, after top Iranian General Qasem Soleimani, killed in a US strike.




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