Business Oil Price Dips As Market Reacts Calmly to Brussels Attacks

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Oil prices dipped Wednesday as traders reacted calmly to the Brussels attacks and kept their eye on global oversupply ahead of a crucial producers’ meeting in Qatar next month.

At around 0600 GMT, US benchmark West Texas Intermediate for May delivery was down 52 cents at $40.93 while Brent for May was 43 cents lower at $41.36.

“Oil prices are pulling back as the market reaction to the Brussels attacks was not as adverse as expected,” Bernard Aw, market strategist at IG in Singapore, told AFP.

“The impact of terror activity on financial markets has lessened substantially in recent years. Economies and markets have a tendency to adjust and desensitise to such events over time.”

Daniel Ang, investment analyst at Phillip Futures, said: “We continue to believe that price movements are continually influenced by the current global oversupply".



- AFP
 

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