Oil falls after Saudi assurances on market balance, Mideast tensions


Oil falls after Saudi assurances on market balance, Mideast tensions

Oil prices fell on Tuesday after Saudi Arabia reiterated it would aim to keep the market balanced and try to reduce tensions in the Middle East, while industry data showed a surprise increase in U.S. crude inventories.

Brent crude futures were down 37 cents, or 0.5%, at $71.81 at barrel by 0037, having risen 21 cents on Tuesday. U.S. West Texas Intermediate (WTI) crude futures for July delivery were down 54 cents, or 0.9%, at $62.59. The June contract, the previous front-month contract which expired on Tuesday, settled at $62.99 a barrel, down 11 cents.

Saudi Arabia’s council of ministers repeated the country’s commitment to balancing global oil markets and preventing regional conflict amid tensions between Iran and the United States, state media reported on Wednesday. Read More

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