The price of oil decreased / more than one percent drop in the price of oil
report Mehr News Agency quoted by Reuters, after traders profited from the increase in oil prices in yesterday’s trading, to the highest figure in more than a month due to the concern of a widespread war in the Middle East, the prices Oil decreased by more than one dollar per barrel in trading on Tuesday (October 17).
The price of Brent crude oil futures, the benchmark North Sea on Tuesday until 6:00 GMT It decreased by 1 dollar and 31 cents or 1.6% to 79 dollars and 62 cents per barrel.
Meanwhile, US TI crude oil futures traded at $1.29 on Tuesday. Cents or 1.7% decrease was done at the price of 75 dollars and 85 cents per barrel.
The price of both types of oil indices increased by more than 3 percent to their highest level since the end of Monday (October 16) align:justify”>August has arrived so far. The price of both oil indices increased by more than 8% last week, which was the biggest weekly increase in more than a year. The concern about the escalation of tensions in the Middle East and as a result the possibility of disrupting the supply of oil from this oil-rich region is the cause of the recent increase in oil prices.
Yip Jun Rong, market strategist at AI J said: geopolitical tensions in the Middle East continue, but recently predictions about disruption of energy supply may be more cautious.
The increase in oil prices started after Iran’s missile attack on the Zionist regime on the first day of October (Tuesday, 10 October) and the possibility of retaliation, and Iran’s oil facilities as a target. It is considered a possibility.
However, some analysts stated that an attack on Iran’s oil infrastructure is unlikely and warned that if the Zionist regime focuses on any other goal, oil prices may fall. will face a significant reduction.
Meanwhile, Priyanka Sachdeva, an analyst at Philip Nova Institute, pointed out that developments in the Middle East will not cause much change in the outlook for oil demand, and added: “The market is waiting for inflation data in the United States, which will be published on Thursday (October 19).
Even as investors worry about slow fuel demand growth in China, the country’s National Development and Reform Commission said Tuesday it was confident it would meet its annual economic targets. It has.
Meanwhile, Hurricane Milton in the U.S. has turned into a hurricane after shutting down at least one oil and gas rig in the Gulf of Mexico on Monday. The category 5 hurricane moved towards Florida.
Traders are also awaiting the latest data on U.S. crude stockpiles, with analysts forecasting the country’s crude stockpiles to rise in the week ending Oct. 4, according to a preliminary Reuters poll. (Friday, 13 Mehr) has increased by one million and 900 thousand barrels.
