Geopolitical tension in the driver’s seat for oil prices

10 Aug 2017   Prices

Crude oil prices were on solid black territory in early Wednesday trading as geopolitical tensions escalated between the United States and North Korea . Crude oil prices drifted into negative territory for most of the Tuesday session and closed lower even after Washington offered a bellicose response to North Korean nuclear threats against the United States. Traders were moving Tuesday on data from the American Petroleum Institute, which offered a bearish reading of U.S. crude oil inventories in Cushing, Okla., the key storage hub in the United States. Gasoline inventories, which offer a loose indication of the demand from the transportation sector, increased by more than 1 million barrels. North Korea continued the pressure Wednesday with a response to U.S. President Donald […]

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