Oil prices retreat from nine-month high

Crude prices retreat around 1.4% on Tuesday

Övünç Kutlu   | 07.01.2020
Oil prices retreat from nine-month high


Crude oil prices were down from their nearly nine-month high levels to begin Tuesday on a lower note as global markets closely watch escalating tensions in the Middle East. 

The international benchmark Brent crude was trading at $68.17 per barrel at 0620 GMT on Tuesday for a 0.58% decline after closing Monday at $68.57 a barrel with a 1.45% daily loss.

American benchmark West Texas Intermediate (WTI) was at $62.66 a barrel at the same time for a 0.49% loss after ending the previous session at $62.97 per barrel with a daily 1.39% fall.

Last Tuesday, Brent crude climbed to as much as $70.75 per barrel to mark its highest level since May 23, while WTI rose to $64.72 a barrel -- its highest level since April 9.

Crude oil prices rose to their nearly nine-month highest level with rising tensions between the U.S. and Iran, which continues to threaten secure crude supply from the oil-rich region.

The Middle East is home to almost half of the world's proved oil reserves and accounts for one-third of global oil production.

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