Crude goes down in Asia as Middle East risk premium relieves

Crude goes down in Asia as Middle East risk premium relieves

On Monday, crude sank in Asia because the market shrugged off a risk premium built around Middle East tensions between Iran and Arab states even as Saudi Arabia at the weekend criticized Tehran once again for backing terrorism.

American West Texas Intermediate crude futures went down 0.12% being worth $56.64 a barrel. Additionally, Brent crude futures sank 0.27% trading at $62.56 a barrel.

In the week ahead, crude trade volumes are believed to stay light around Thursday\'s Thanksgiving holiday as well as Friday\'s concise trading session.

Investors are going to closely watch fresh weekly information on American stockpiles of crude and also refined products on Tuesday and Wednesday in order to assess the overall strength of demand in the world’s number one crude consumer.

The previous week, crude rallied on Friday, although unable to compensate their first weekly loss for six weeks because fears over ascending American output persisted. Meanwhile, weakening hopes for an extension of OPEC-led output curbs put pressure on market sentiment.

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