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FinancialNews
27-03-18
Oil records drop amid Middle East tensions
(MENAFN) Investors have dismissed tensions the Middle East has been experiencing as Saudi Arabia interrupted ballistic missiles Yemen's Houthi forces launched, with oil dropping and wiping out earlier profits.
The oil market is also expected to undergo deficit in supply in case Saudi Arabian supplied were interrupted, seeing how US output is not sufficient in making up for a drop in barrels from the Middle East.
Japan Oil, Gas & Metals National Corp's chief economist Takayuki Nogami commented "the Yemen attack froze investors' blood and raised prices."
The chief economist added "but the view now is that the situation hasn't really changed yet as Saudi Arabia intercepted the missiles, so investors are taking profit."
MENAFN2703201800450000ID1096659900
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