Oil Ends Lower in Retreat from 8-Month High — Market Talk

14:45 ET – US benchmark oil prices end the session 0.9% lower at $62.70 a barrel, retreating from Monday’s eight-month closing high as some investors begin to doubt whether tensions between the US and Iran in the Middle East may lead to any near-term disruptions in oil supplies. “While prices are bit lower giving up fractional gains from the geopolitical pop, the overall sentiment remains bullish,” says Peter Cardillo at Spartan Capital. “In fact, the market is not showing any signs of returning to pre US – Iran situation. While we don’t see prices heading towards $80, we do see fundamentals and technical factors supporting a new higher trading range between $64 – $66 (WTI).” ([email protected])

(END) Dow Jones Newswires

January 07, 2020 14:45 ET (19:45 GMT)