Energy Preview: Crude oil prices pull back after nearly 4% surge yesterday

Crude oil prices pulled back on Friday morning in Asia after following statements from US President Donald Trump that the US was engaged in productive discussions with Iran and would refrain from attacking the country prior to the midterm elections. The sudden drop in oil prices followed a sharp rally on Thursday, during which oil prices surged by nearly 4% due to escalating maritime tensions and weather disruptions. WTI crude oil futures are currently quoting lower by 1% at $90.59 per barrel whereas Brent oil is down more than 1% at $13.15 per barrel, after having surged by over 4% yesterday.

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