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Oil fall resumes, geopolitical risk premium evaporates

FXStreet (Mumbai) - Oil prices fell on Wednesday as the financial markets reversed the risk-off moves witnessed on Tuesday on account of Middle East tensions.

Oil prices had strengthened on account of the geopolitical risk premium, which was erased today. At the time of writing, the Brent Jan futures were down 2% at USD 45.19/barrel. WTI Jan futures were down 1.74% at USD 42.12/barrel.

The prices also came under pressure due to the American Petroleum Institute (API) data released yesterday, which showed another build-up of 2.6 million barrels in US stockpiles. The oil traders now wait for the US weekly government inventory data due later today.

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