Oil prices slip on higher U.S. crude stocks; market watches Middle East

📆 10/23/2024 10:49 AM
📰 globebusiness

⏱ Reading Time:
26 sec. here
3 min. at publisher
📊 Quality Score:
News: 17%
Publisher: 66%

Energy News

Oilprice

Brent crude futures dropped 73 cents to $75.31 a barrel by 0917 GMT, while U.S. West Texas Intermediate crude futures shed 74 cents to $71.00

Oil prices fell on Wednesday after industry data showed U.S. crude inventories swelled more than expected, though crude futures were still up about 3 per cent this week as traders factored in continuing conflict in the Middle East.

Oil had settled higher in the previous two sessions, paring the previous week’s losses of more than 7 per cent. Those declines stemmed from worries about Chinese demand and some easing concerns around Middle East oil supply being disrupted. “The market continues to wait for Israel’s response to Iran’s missile attack,” ING analysts said on Wednesday, adding that Tuesday’s price strength was possibly because of the lack of any outcome from U.S. Secretary of State Antony Blinken’s latest visit to Israel.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil stocks have more room to run as tension in the Middle East escalatesOil companies with limited exposure to the Middle East may be a way to hedge against potential disruptions.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stocks lose ground, oil extends gains amid Middle East tensionThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »