Oil extends falls as supply worries ease; China petrochemical futures slump

AI Summary

Crude oil prices extended declines with US crude falling below $70 per barrel, influenced by anticipation of resumed supply from the Middle East. This price drop also negatively impacted China's petrochemical futures markets, erasing risk premiums from the US-Iran conflict.

Crude oil prices extended declines on Thursday, with US crude falling below $70/barrel, pulling along China’s petrochemical futures markets, on prospects of supply returning from the Middle East. At 03:00 GMT, front-month WTI futures shed 1.5% to $69.26/barrel and Brent fell by 1.6% to $72.54/barrel, practically erasing risk premiums from the US-Iran war. Shipping through ...