Brent crude fell under its level before the Iran war began as a wave of pent-up oil started to flow from the Gulf, leading traders to shrug off the risk of any aftershocks from the crisis.
The international benchmark dipped 1.8 per cent to $72.40 a barrel on Thursday. Traders were willing to pay more for oil to be delivered later in the year — a strong sign that the market is oversupplied in the short term.
It was the first time since the start of the war that oil had traded lower than $72.48, its closing price on the day before the US and Israel began bombing Iran in late February.
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