Crude Oil Prices Retreat

Oil prices dropped this morning during the Asian hours amid easing U.S.-Iran tensions.

Oil prices marked the biggest weekly decline of more than six months amid tensions between the U.S. and Iran eased.

Now, oil trades at $59.08, which is a loss of $0.08 or 0.14% from the previous close of $ 59.16.

The daily range is from $58.66 to 59.20, while the trading volume is 39.495K.

The tension and the possibility of a war between Washington and Beijing has cooled down.

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

Additionally, Vice President Mike Pence announced the Iran has asked militias in the Middle East not to launch attacks on U.S. bases.

Furthermore, the crisis in Iran is still unstable. There are some massive protests in Teheran for a second night after the government admitted that it had mistakenly show down a Ukrainian passenger jet, killing all 176 people passengers.