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Brent and Texas crude oil fall as tension in the Middle East eases.

The Brent crude oil barrel, the European reference, which started Tuesday’s session with slight gains, has changed its trend and is down by 0.67% at 3:45 PM, reaching $86.48. Similarly, gold is down by 0.50% as tension in the Middle East relaxes.

The Brent started the session with slight gains, recovering some of Monday’s losses when it dropped below $87. However, as the morning progressed, it began to fall and is now moving away from the $87 mark.

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Last week, it surpassed $90 after the Israeli attack on Iran; however, as tension eased, Brent crude opted for declines.

The price of West Texas Intermediate (WTI) crude oil, the U.S. reference, also opened lower on Tuesday, and at this time, the barrel price stands at $81.63 after a 0.48% decrease.

Meanwhile, West Texas Intermediate futures were down 56 cents or 0.7 percent, at $81.34. Both benchmarks had risen a dollar earlier after data showed overall business activity in the eurozone expanded this month at its fastest pace in almost a year, led by the buoyant recovery in the dominant services sector.

EU foreign ministers agreed in principle yesterday to expand sanctions on Iran following Tehran’s missile and drone attack on Israel earlier this month.

USOIL

The U.S. Senate will begin considering a foreign aid package that includes sanctions on Iranian oil exports targeting ships, ports, and refineries processing Iranian oil.

Furthermore, if Iran and Israel go beyond symbolic attacks, ‘they risk the wrath of a United States that currently has its own political reasons for allowing Iranian oil to reach the water,’ added Evans.

Investors are awaiting the release of U.S. Gross Domestic Product figures and March personal consumption expenditure data – the Federal Reserve’s preferred inflation gauge – this week to assess the trajectory of monetary policy.

The market expects U.S. oil inventories to have increased last week, while refined product reserves likely declined, according to a preliminary survey of analysts.

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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