Brent Falls Below $90 a Barrel for First Time Since August
Brent crude fell below $90 as traders bet U.S.-Iran negotiations could avert further military escalation and keep Middle East supply flows steady.
- On Tuesday, Brent crude dropped below $90 per barrel for the first time since August, while US gasoline prices fell below $4 a gallon for the first time since July, driven by investor optimism over a potential diplomatic end to the US-Iran conflict.
- President Donald Trump signaled a strategic shift Monday after meeting Qatari Prime Minister Sheikh Mohammed bin Abdulrahman, declaring Iran "militarily, is effectively over" and confirming he would delay further military strikes against the nation.
- Commodity trading advisers slashed their long positions in Brent to 9% on Tuesday, down from 45% the previous session, as market sentiment shifted amid expectations of de-escalation and robust crude flows from the Middle East.
- Congressional Democrats are weighing using the December 11 government shutdown deadline to pressure the administration into finalizing an end to the war, following electoral setbacks that underscored the conflict's unpopularity among voters.
- The US naval blockade in the Strait of Hormuz remains in place, leaving global energy markets sensitive to supply disruptions should tensions escalate or shipping through the critical chokepoint be disrupted.
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Brent's futures amounted to $1.28, or 1.4 per cent, to $92.77 a barrel at 0934 GMT.
The price of Brent's barrel is at the lowest. It is even ironed under the symbolic bar of $90. So, are the prices going to fall in the stations? - Oil: the price of Brent's barrel collapses, the effects visible at the pump? (Economy).
Oil prices rose after two straight days of declines as investors assessed the prospects for an end to the war between the US and Iran. Brent, according to Bloomberg, was trading near $92 a barrel, having fallen 7% in the first two sessions of the week, while US WTI crude was below $87. US President Donald Trump has said that further strikes on Iran will not be necessary. However, tensions in the wider region continue, while negotiations have not…
The American elections have lowered Brent quotes below $90 per barrel
The American elections have lowered Brent quotes below $90 per barrel. The price of oil has lost 24% since the beginning of the month.The market is pricing in the possible end of the US military operation in the Middle East in connection...
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