Brent Crude Drops Below $90 Despite Middle Distillate Support
Brent crude slipped below $90/bbl even as US-Iran tensions persist, but ING analysts say middle distillate tightness is providing price support.
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Oil prices have pulled back, with ICE Brent falling below $90 per barrel. The move comes despite ongoing tensions between the US and Iran.
According to ING analysts Warren Patterson and Ewa Manthey, tightness in the middle distillate market is preventing a steeper decline. The analysts highlight that the supply-demand balance for products like diesel and jet fuel is lending support to crude prices.
Geopolitical risks remain in focus, but the immediate price action is driven by broader market sentiment and product market dynamics.
Source: FXStreet Forex News