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Crude Oil Prices Stable as Markets Wait for New Developments in US-Saudi Conflict

October 16, 2018 at 17:50 by Vladimir Vyun

Crude oil were stable today as markets waited for a resolution of the conflict between the United States and Saudi Arabia over the disappearance of Saudi journalist Jamal Khashoggi. While initially the two countries exchanged threats, specialists speculated that the USA may prefer to avoid conflict with its strategic ally. Indeed, US President Donald Trump softened his stance, suggesting that “rogue killers” may be behind the disappearance.

Prices remained support by the outlook for lower supply from Iran, though there are concerns that US supply may take its place. To assess whether it is the case, traders will watch for a supply report from the Energy Information Administration due for release on Wednesday. Experts predicted ahead of the release that it will show an increase of US crude oil inventories by 0.6 million barrels last week following the huge buildup by 6.0 million barrels the week before.

November contract for delivery of WTI crude oil edged up 0.21% to $71.93 per barrel as of 17:35 GMT on NYMEX today. Contract for delivery of Brent crude in December jumped 0.73% to $81.37 per barre on ICE.

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