The executive director of the International Energy Administration (IEA), Fatih Birol, crossed the wires, via Reuters, in the last minutes noting that they are monitoring the situation in the Middle East very closely and added that they are ready to act in an appropriate way if there is a physical disruption.
Birol further explained that the strong shale production in the U.S. didn’t allow the tensions in the Middle East to impact oil prices.
The barrel of West Texas Intermediate, which didn’t pay attention to these comments, was last seen trading at $57.93, adding 0.6% on a daily basis.
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