Oil Prices Drop as War Premium Fades

Crude oil prices have reversed some of the gains they made on Monday as traders returned their attention to Chinese demand concerns. Earlier in the day, oil held on to the gains that saw Brent crude breach $80 per barrel for the first time in months. The benchmarks had booked five straight days of gains amid rising tensions between Israel and Iran. However, the war premium seems to be fading fast, once again, probably because traders are unwilling to wait for more than a day for Israel’s reaction to Iran’s missile attack last week.…