Markets > Commodities

Oil prices plunge after Trump downplays Iran attacks

Xinhua News,NEW YORK
2020-01-09 05:31

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NEW YORK, Jan. 8 (Xinhua) -- Oil prices plunged on Wednesday, reversing the spike in overnight trading after U.S. President Donald Trump downplayed Iran's missile attack against U.S. forces in Iraq.

Iran on Wednesday local time launched ballistic missiles at Iraqi bases housing U.S. troops in retaliation for the U.S. killing of Iranian general Qassem Soleimani.

U.S. President Donald Trump said Wednesday at the White House that no U.S. casualties have resulted from the attack and that "Iran appears to be standing down," calling it "a good thing" for all parties concerned.

Analysts said traders have interpreted the comment as a move toward de-escalation.

The West Texas Intermediate for February delivery declined 3.09 U.S. dollars to settle at 59.61 dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery decreased 2.83 dollars to close at 65.44 dollars a barrel on the London ICE Futures Exchange.
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