SINGAPORE (Bloomberg) -- Oil headed for its biggest weekly loss since July as the prospect of an immediate confrontation between the US and Iran abated, allaying fears of disruption to Middle East energy supplies.
Futures initially soared to an eight-month high above US$65 a barrel in New York on Jan 8 as Washington and Tehran faced-off after the killing of a top Iranian general, but all of this year’s gains dissipated as the two adversaries backed away from a full-scale conflict.
Crude is now trading back below US$60, down 5.9% for the week.
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