Oil falls as markets dip on North Korea tensions

Oil prices fell on Friday as global markets weakened following North Korea’s latest missile launch, but crude remained close to five-month highs reached this week on bullish demand forecasts and US refineries restarting.
 
North Korea fired a missile that flew over Japan’s northern Hokkaido into the Pacific Ocean on Friday, South Korean and Japanese officials said. The action ratchets up tensions after Pyongyang’s test of its most powerful nuclear bomb.
 
“Oil is down because of the North Korean nuclear test which is bearish for stock markets therefore oil demand can be negatively impacted,” said Tamas Varga, senior analyst