Archive: Walter Siegmund, CC BY 2.5.
Oil prices slipped Thursday morning, giving back part of Wednesday’s rally, as Saudi Arabia said it destroyed another ballistic missile fired by Yemen’s Houthi rebels, the fifth consecutive day of interception announcements, and mediators kept up diplomatic contacts aimed at ending the conflict.
December West Texas Intermediate futures, traded under the code CLZ6, stood at $101.79 a barrel, down 99 cents, or 1%, on CME Group’s market display last updated at 8:33 a.m. Eastern on October 29. CME says its displayed market data is delayed by at least 10 minutes. The figure is a timestamped futures quote, not a live spot price.
The contract settled Wednesday at $102.78, up $2.88, or 2.9%, after trading between $99.75 and $103.55, according to CME’s settlement data. Wednesday’s rally followed a government report showing U.S. commercial crude inventories fell by 1.9 million barrels in the latest week.
Saudi-led coalition air defenses intercepted and destroyed a ballistic missile launched toward the kingdom’s Eastern Region early Thursday, coalition spokesman Maj. Gen. Turki al-Malki said in a statement carried by the Saudi Press Agency. It was the fifth consecutive day of interception announcements, after similar statements on Wednesday, Tuesday, Monday and Sunday.
The pullback came as diplomatic contacts continued. Iran’s Foreign Ministry said it expected Qatar, which has been presenting proposals to Tehran, to uphold “the principles of mediation,” and pointed to a meeting in Tehran with senior Pakistani, Turkish and Saudi officials as a sign of goodwill, the state Islamic Republic News Agency reported.
JBizNews Desk | New York
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
