Crude Oil Prices Decline

Oil prices extended the falling path this morning during the Asian hours and were set to record their first weekly retreat since November as U.S.-Iran tensions partly reduced.

Now, oil trades at $59.34, which is a decline of $0.22 0.37% from the previous close of $59.56.

The daily range is from $59.29 — 59.64, while the trading volume is 43.347K.

Moreover, the U.S. House of Representatives decided to curb U.S. President Donald Trump’s power to strike Iran.

Meanwhile, Vice President Mike Pence reported that the Islamic Republic has stopped units in the Middle East to launch attacks.

In terms of the Beijing Washington trade issues, China’s Ministry of Commerce spokesman Gao Feng announced that Vice Premier Liu He will travel to Washington between Jan. 13 and 15 to sign a phase one trade deal.

The positive developments of the session didn’t manage to boost oil prices today however, as they were largely overshadowed by the cooling down of the situation in the Middle East.