On the evening of the 23rd Beijing time, U.S. WTI crude oil fell below US$81 a barrel on Tuesday, falling to a level since March.catsbattlearenathe lowest level. Markets have temporarily ignored the threat of imminent additional sanctions on Iranian oil exports.
West Texas Intermediate crude oil (WTI) for May delivery is currently trading below $81 on the New York Mercantile Exchange. This is the first time since February that futures have fallen below 81 per barrelcatsbattlearena50-day moving average of $22.
U.S. oil prices have fallen more than $6 from this year's high of $87.62. Previously, traders pushed oil prices higher amid fears of a war between Iran and Israel.
But concerns about tensions in the Middle East have largely dissipated as Iran and Israel both said they were not interested in a broader war after tit-for-tat strikes earlier this month.
Iran's foreign minister said on Monday that the conflict with Israel would not escalate, saying Iran had no plans to respond to Israel's retaliatory attack on Friday.