London — Oil prices slid towards $64 a barrel on Tuesday, extending four days of declines due to easing concerns about possible supply disruptions as a result of tensions in the Middle East.
The recent declines followed investors unwinding bullish positions taken after the killing of a senior Iranian general in a US air strike in Iraq on January 2 that sent oil prices to a four-month high, global oil strategist at BNP Paribas in London Harry Tchilinguirian said. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said his country will work for oil market stability at a time of heightened US-Iranian tension. He also said it was too early to talk about whether oil cartel Opec and its allies , would continue with production curbs set to expire in March.
China has pledged to buy more than $50bn in energy supplies from the US over the next two years, according to a source briefed on a trade deal.
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