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Why did crude oil futures trade lower on Tuesday morning?
Crude oil futures traded lower on Tuesday morning due to profit booking after witnessing more than 3 per cent jump on Monday. At 9.55 am on Tuesday, December Brent oil futures were at $79.65, down by 1.58 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $75.96, down by 1.53 per cent.
Will escalating tensions disrupt crude oil supplies from West Asia?
Market fears that the escalating tensions could disrupt crude oil supplies from West Asia as Iran is a major producer of crude oil in the world market. Market reports noted that even if Israel attacks the Iranian oil facilities, Organization of Petroleum Exporting Countries (OPEC) has around 7 million barrels a day of spare production capacity.
Did Ukraine strike a large oil terminal off the Crimean peninsula?
Ukraine’s military says it has carried out a strike on a large oil terminal off the coast of the occupied Crimean Peninsula, the latest in a wave of attacks targeting Russian-controlled energy facilities.