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Oil prices in international market tops $70 per barrel

Syed Umarullah HussainiWeb Editor

06th Jan, 2020. 09:52 am
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Oil prices in international market continued to surge on Monday as tensions escalate between the United States and Iran.

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

This is 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 rose more than 3% on Friday last week, after top Iranian General Qasem Soleimani, killed in a US strike.

The strike ordered by President Donald Trump.

The killing risks further escalating tensions in the Middle East, which is home to major oil producing countries and key energy supply routes.

Stocks, meanwhile, mostly kept falling on Monday.

South Korea’s Kospi (KOSPI) lost 0.8%, while Hong Kong’s Hang Seng Index (HSI) dropped 0.7%.

China’s Shanghai Composite (SHCOMP) opened down 0.4%, but reversed losses to trade in the green.

Japan’s Nikkei 225 (N225) tumbled 2.1% on its first trading day of the year.

Japanese markets were closed for several days to celebrate the New Year holiday.

Official data from that sector released last week also showed slowing growth.

US futures, meanwhile, fell about 0.5% on Monday, building on last week’s losses.Diplomatic tensions also witnessed on the rise on International level due to the ongoing crisis between  Iran and United States of America.

Demand for US troops to withdraw from Iraq after Baghdad attacks intensified, while; activities on the diplomatic and political front have intensified.

Iran also declared that it will no longer abide by any of the restrictions imposed by the 2015 nuclear deal.
It said it would no longer observe limitations on its capacity for enrichment, the level of enrichment, the stock of enriched material, or research and development.
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