AFP, Singapore :
Oil prices eased 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 0300 GMT, US benchmark West Texas Intermediate for May delivery was down 46 cents at $40.99 while Brent for May was 41 cents lower at $41.38.
“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.”
Oil prices eased 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 0300 GMT, US benchmark West Texas Intermediate for May delivery was down 46 cents at $40.99 while Brent for May was 41 cents lower at $41.38.
“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.”
