[Singapore 18th Reuters]-Crude oil futures in Asian time continue to fall. The Saudi Arabia's energy minister continues to decline the previous day following the outlook that oil production will recover within the month.
However, the market continues to be wary of the tightening situation in the Middle East, as US government officials have indicated that attacks on the Saudi oil facility have been launched from southwestern Iran.
As of 0005GMT (Japan time 9:05 am), North Sea Brent Futures <LCOc1> is $ 0.36 (0.6%) lower, 1 barrel = $ 64.19.
US WTI crude futures <CLc1> is $ 58.91, down 0.43 dollars (0.7%).
“The market will incorporate a geopolitical risk premium into crude oil prices, given the vulnerability of the Saudi supply system and the possibility of recurrence of attacks,” said BNP Paribas Harry Chiringilian. “The crude oil market has so far been optimistic about the recent situation in the Middle East, but not so in the future.”