Oil price dives as US Iran tensions ease and on US crude build

Brent futures fell $2.83, or 4.2%, to settle at $65.44 a barrel, their lowest close since Dec. 16. In early trade, the contract hit its highest since mid-September at $71.75. The global benchmark had been trending higher since hitting an October low of $56.15 per barrel; the session high on Wednesday was 28% above that level. U.S. West Texas Intermediate (WTI) crude fell $3.09, or 4.9%, to settle at $59.61 per barrel, its lowest close since Dec. 12. The session high of $65.65 was the highest since late April.

NEW YORK: Oil futures fell more than 4% on Wednesday in a wild swing, soaring close to a four-month high in early trade on an Iranian rocket attack on U.S. forces in Iraq before retreating as the countries quickly ratcheted back tensions.

Prices fell as it became evident the rocket attack did not damage oil facilities or harm any Americans, with more pressure coming from a surprise build in U.S. crude stockpiles.