There’s been a swift drop in the price of Oil in recent trade after news broke that Saudi Arabia has moved to impose a partial ceasefire in Yemen. The decision comes shortly after a surprise move by Houthi forces to declare a unilateral ceasefire in Yemen last week just days after claiming responsibility for the attacks on Saudi oil production facilities.
Since these attacks traders have been on tenterhooks and are closely following tensions in the region but these latest events suggest that perhaps tensions are subsiding a bit. Oil has fallen back below the $61 mark to trade lower by more than 1% on the day at the time of writing while Oil.WTI is back below the $56 mark.
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