Crude oil prices turned a bit lower Friday morning, trimming this week’s gains even as tensions in the Middle East continued to rise.
Saudi Arabia and Iran are seen fighting a proxy battle for control of Yemen, where fighting has raged between rebels and government forces.
An escalation of the conflict could interrupt supplies from the region, prompting oil prices to rally this week.
However, speculation that concerns may be overdone drove prices lower today. Crude oil for May was down 66 cents at $50.77 a barrel after capping out at $52.48 in the previous session.
Crude remains well away from a recent 6-year low near $42.
An unprecedented build in U.S. crude oil inventories is keeping prices in the $50 range despite the geopolitical flare-ups.
The material has been provided by InstaForex Company – www.instaforex.com