Oil prices jump 3% after official says US drone was shot down


Oil prices jump 3% after official says US drone was shot down

Oil jumped more than 3% to above $63 a barrel on Thursday after Iran shot down a U.S. military drone, raising fears of a military confrontation between Tehran and Washington.

Also supporting oil were expectations that the U.S. Federal Reserve could cut interest rates at its next meeting, stimulating growth in the world’s largest oil-consuming country, and a drop in U.S. crude inventories.

Brent crude, the global benchmark, was up $1.38 at $63.20 a barrel at 0854 GMT, having risen 3.3% to $63.88 earlier in the session. Read More

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