Oil Prices Lower as Rising Crude Output Offset Geopolitical Risks
Brent and West Texas Intermediate crude fell after a prisoner exchange in Abu Dhabi and signs of possible ceasefire efforts eased risk premiums.
- Oil prices dropped more than $1 on Thursday as optimism regarding peace talks in the Middle East and the Russia-Ukraine war pressured the market.
- Brent futures lost $1.14 to $91.62 a barrel, while West Texas Intermediate crude fell $1.04 to $85.49 after hitting two-month lows the previous day.
- Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, said markets are falling on expectations of a ceasefire between Russia and Ukraine, though uncertainty surrounding the Hormuz Strait limits downside.
- Russian and Ukrainian negotiators agreed to a major prisoner exchange at peace talks in Abu Dhabi that ended Wednesday, while US officials downplayed the need for further military strikes against Iran.
- OPEC+ crude production jumped in October, led by Saudi Arabia despite Hormuz Strait disruptions, as Ukrainian President Volodymyr Zelenskiy said Kyiv hoped to achieve concrete results on resolving the war this year.
38 Articles
38 Articles
The price of oil fell by more than a dollar per barrel on Thursday, after fears of escalating conflict in the Middle East decreased. At the same time, the increase in OPEC+ production and the increase in...
Crude Falls 1.2% on Iran, Ukraine Peace Hopes
Oil prices fell about 1.2% as hopes for progress toward ending the Iran and Russia-Ukraine conflicts eased concerns about supply disruptions, with Brent at $91.62 a barrel and WTI at $85.49. Higher OPEC+ output and rising U.S. crude inventories added pressure, though uncertainty around the Strait of Hormuz limited expectations for a steeper decline. · 19 sources across the spectrum on IJR News.
Oil prices fell by more than $1 a barrel today, Thursday, amid optimism in the markets about efforts to end the war in Ukraine and the conflict in the Middle East, and fears of a new military escalation with Iran.
Oil Prices Sink as Iran and Ukraine Peace Optimism Builds
Crude oil prices extended their decline today, with both Brent crude and WTI shedding over $1 in Asian trade earlier in the day on growing hopes for peace in Ukraine and Iran. At the time of writing, Brent crude was trading at $91.32 per barrel, and West Texas Intermediate was changing hands for $85.32 per barrel. Peace hopes for Russia and Ukraine came on the heels of the latest meeting of negotiators, even though that meeting did not end in an…
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