Oil dips after US stockpiles climb, Middle East tensions in focus
Thursday, 26 October 2023 Oil prices dropped on Thursday due to an increase in US crude stockpiles and a rise in the dollar index. Brent crude futures declined by 0.3% to $89.95 a barrel, while US West Texas Intermediate crude futures eased 0.2% to $85.21 a barrel. The market had seen a jump in prices the previous day due to tensions in the Middle East. Additionally, US crude inventories rose by 1.4 million barrels, indicating weak demand. "The movements of oil markets are primarily involved with the Hamas-Israel war," said Tina Teng, markets analyst at CMC.
Oil prices fell over $1 as diplomatic efforts eased Middle East tensions. Brent crude dropped to $91.49, WTI to $87.26. Concerns of supply disruption waned as Israel paused a Gaza incursion. Aid reached Gaza, but an Arab summit failed consensus. US suspended Venezuela sanctions, and global leaders...
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Thursday, 26 October 2023
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