US oil drops over 1% on Tillerson firing concerns

Markets 3/13/2018, 7:50 PM
US oil drops over 1% on Tillerson firing concerns

Oil traded in the red on Tuesday on investors' worries the Iran nuclear deal will fall through as a result of the dismissal of United States Secretary of State Rex Tillerson. US President Donald Trump announced he fired Tillerson over their "different mindsets." He singled out the fact that the two disagreed on the Iran agreement, as Trump thinks it is "horrible," while Tillerson was not opposed to the Joint Comprehensive Plan of Action (JCPOA).

Meanwhile, traders are anticipating crude inventories and output data from the US Energy Information Administration due to be released on Wednesday.

West Texas Intermediate for April deliveries dropped 1.04% to sell for $60.72 per barrel at 7:35 pm CET and international benchmark Brent for deliveries in May fell 0.43% to go for $64.66 per barrel at 7:37 pm CET.

Breaking the News / NP

Keywords:
oil
Share:

Brent Crude (...+0.60%

60.82
Chart for: F BRN 2/19

F WBS+0.48%

52.23
Chart for: F WBS 1/19