Oil prices steady after attack on oil tanker off Oman coast

Oil prices steady after attack on oil tanker off Oman coast

Druzhba pipeline temporarily suspended; China’s Covid policy dims demand outlook; U.S. stockpiles decline, more data awaited

Brent crude futures gained 12 cents, or 0.1 per cent, to $93.98 a barrel by 1227GMT, and US West Texas Intermediate (WTI) crude futures eased 21 cents, or 0.2 per cent, to $86.71 a barrel.

By Reuters Published: Wed 16 Nov 2022, 6:10 PM

Oil prices steadied on Wednesday, as geopolitical tensions following an attack on an oil tanker off the coast of Oman were offset by concerns over rising COVID-19 cases in China capped gains.

Brent crude futures gained 12 cents, or 0.1 per cent, to $93.98 a barrel by 1227GMT, and US West Texas Intermediate (WTI) crude futures eased 21 cents, or 0.2 per cent, to $86.71 a barrel.

Both benchmarks rose sharply after a tanker was hit off the coast of Oman on Tuesday, sustaining minor damage, highlighting the geopolitical risks in the world’s busiest routes for oil shipments.

Three maritime sources told Reuters that a drone was suspected to have attacked the tanker. An Israeli official said Iran was responsible for the attack, using a Shahed-136 drone, the type it has been supplying to Russia for use in Ukraine.

Oil prices settled higher on Tuesday after oil