Global Prices: Oil sinks 4.7% amid Yemen conflict
The country has been gripped by turmoil since the Shiite rebels launched a power takeover in Sanaa in February.
NEW YORK:
Oil prices sank, giving back some gains from a two-day surge, as traders kept an eye on the Saudi-led air assault against Shiite rebels in Yemen. US benchmark West Texas Intermediate (WTI) for May delivery snapped a six-day winning streak, plunging $2.43 to $48.87 a barrel on the New York Mercantile Exchange. The global benchmark, Brent North Sea crude for delivery in May, shed $2.78 to settle at $56.41 a barrel on the Intercontinental Exchange in London. “The petroleum markets are retreating as tensions over the Saudi-led airstrikes against Huthi positions inside Yemen ease,” said Tim Evans of Citi Futures. Prices rose sharply Wednesday and Thursday on news of escalating unrest in Yemen as Shiite rebels advanced their power grab. The country has been gripped by turmoil since the Shiite rebels launched a power takeover in Sanaa in February.
Published in The Express Tribune, March 29th, 2015.
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