Oil Recedes After Spiking On Tanker Attacks

Oil recedes after spiking on tanker attacks

London, (UrduPoint / Pakistan Point News - 15th Jun, 2019 ) :Oil prices retreated Friday on fresh weak demand growth concerns, having spiked the previous day following attacks on two tankers in the Gulf of Oman.

Global stock markets meanwhile fell on geopolitical fears, uncertainty over the China-US trade row and the gloomy outlook for the global economy, traders said.

In midday deals, London's Brent North Sea crude oil for August delivery dipped 10 cents to $61.21 per barrel.

New York's West Texas Intermediate for July delivery dropped 25 cents to $52.03.

Prices had spiked by more than four percent at one stage on Thursdayas tanker attacks in the Gulf of Oman -- in a major global shipping lane -- flashedonto traders' screens.

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