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The war premium in the crude oil market fell again today. Fears of a significant disruption to global oil production continued to dissipate this week. That's even though Israel has threatened to attack Iran in response to the aerial attack launched by Iran against Israel on Saturday. The price of a barrel of Brent crude oil peaked recently at $91.17 0n April 5 (chart). It was down to $87.29 today. It is confirming the rising channel in the price chart below.
Helping to drive down the oil price today was the Energy Information Administration (EIA) weekly inventory report for the US showing a crude oil build of 2.7 million barrels to 460 million barrels in the week ending April 12 (chart).
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