Oil falls as geopolitical jitters cool

LONDON. Oil dropped as a pipeline carrying Russian oil to Europe was reported to have restarted and missiles that fell in Poland were determined to be unintentional, pushing demand concerns to the market’s foref per cent and was trading under $85 yesterday, in a volatile session that already swung a $3 range. Crude sold off earlier as a section of the Druzhba oil pipeline, Europe’s largest crude oil conduit, was reported to have restarted after a disruption to its power supply. Price reaction was muted after a US government report showed large crude draws in conjunction with small builds in fuel inventories.

“The macro is overtaking the micro in terms of crude,” said Rob Thummel, a portfolio manager at Tortoise Capital Advisors.