Oil price drops 5% on easing Mideast fears

The price of key US oil contract West Texas Intermediate tumbles more than five percent after a report Israel is not looking to strike Iran’s crude facilities.

WTI falls as low as $70.10 a barrel, while European benchmark Brent North Sea crude slumps close to five percent to $73.69, also owing to expectations of lower demand from China’s struggling economy, according to analysts.

Most Popular