Oil is receding and the UAE condemns the attack on an oil tanker in Jeddah, Saudi Arabia

 Oil prices fell during European trading today, Tuesday, amid fears of a return of closures again round the world, especially with the rise in the number of patients with the Coronavirus. Investors also followed Saudi Arabia’s statements about the attack on an oiler within the port of Jeddah yesterday, during which Riyadh accused "terrorists". The attack didn't end in loss of life nor any indication of the risks of major environmental disasters that will result from the oil spill.

The Kingdom warned of the "devastating impact" these events may wear on "maritime traffic, the security of petroleum exports, freedom of worldwide trade" and "the threat to coastal and regional waters."

 within the same context, the UAE "strongly" condemned today, Tuesday, the attack on an oiler within the Saudi city of Jeddah. The state added that this step shows that "terrorist groups" try to "undermine" regional security.

 The UAE Ministry of Foreign Affairs stated, "The UAE strongly condemns the surprise attack that targeted a ship carrying fuel within the city of Jeddah via a booby-trapped boat."

 it's noteworthy that this incident isn't the primary of its kind, because the Houthis in Yemen have attacked a variety of Saudi oil projects and a few Aramco facilities during the present year.

 Oil fell under economic shutdown pressure

 In terms of trading, Brent futures fell 0.1 percent to $ 50.25 a barrel, and US West Texas Intermediate crude futures fell slightly at $ 46.98.

 the worth of crude fell amid poor expectations a few recoveries, consistent with reports issued by OPEC and therefore the International Energy Agency, after OPEC lowered its expectations for a recovery in oil demand by 350 thousand barrels per day during the present month, and therefore the Energy Agency’s expectations recorded that global oil demand recovered more slowly than expected during 2021.

 A series of economic closures decided by some countries, especially during the festive period, also contributed to limit the impact of the spread of the Coronavirus, with France, Germany, Netherlands and therefore the UK at the highest of those countries.

 the govt of Denmark was the last to announce the restrictions because it said it might extend the present lockdown measures to incorporate the whole country because the lockdown is predicted to last until January 3.

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