Latest Oil Prices, Market News and Analysis for Feb. 12 - Bloomberg
Latest Oil Prices, Market News and Analysis for Feb. 12 - Bloomberg
Oil Falls After Weekly Gain as Iran Signals Gaza Talks Progress
- Brent declines below $82 a barrel after rising 6.3% last week
- Many markets across Asia are closed for Lunar New Year
Iran’s Foreign Minister Hossein Amirabdollahian, left, during a news conference with his Lebanese counterpart Abdallah Bouhabib in Beirut on Feb. 10. Photographer: Bilal Hussein/AP Photo
Oil declined following last week’s advance after Iran’s foreign minister flagged the Israel-Hamas conflict could be moving closer to a diplomatic solution. Trading remained muted with many Asia markets closed for Lunar New Year holidays.
Brent fell as much as 0.8% to below $82 a barrel, after gaining 6.3% last week, while West Texas Intermediate traded near $76.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.