Crude Oil Prices Fall Over 2% Amid Easing Supply Disruption Concerns

Crude Oil Prices Fall Over 2% Amid Easing Supply Disruption Concerns

VoM News Desk | October 12, 2023 | 12:54 AM IST | Breaking News | Follow on Google News

Crude Oil Prices Fall Over 2% Amid Easing Supply Disruption Concerns

Crude Oil Prices Fall Over 2% Amid Easing Supply Disruption Concerns

Crude oil prices fell over 2% as supply disruption concerns in the Middle East receded following Saudi Arabia’s pledge to stabilize the oil market. The escalating conflict between Israel and Palestinian Islamist group Hamas had initially raised fears of global oil supply disruptions.

Brent futures dropped $2.10, or 2.4%, to $85.55 a barrel, while US West Texas Intermediate (WTI) crude fell $2.55, or 3%, to $83.42 per barrel.

Key Factors Affecting Crude Oil Prices:

• Saudi Arabia and Russia’s coordination in supply cuts to support oil prices.
• Concerns that the Israel-Hamas conflict could disrupt global oil supply.
• Improved risk sentiments and lack of immediate supply threats.
• Lack of cautionary statements regarding the supply of Iranian oil amid the conflict.

While the Israel-Hamas conflict may be a localized crisis, analysts remain cautious about any potential escalation.

VoM News Desk

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