Oil rates increase on supply hazards in Middle East
Date
9/30/2024 8:23:29 AM
(MENAFN) Oil prices saw an uptick on Monday, driven by apprehensions surrounding potential disruptions in supply from key oil-producing nations in the Middle East. According to Bloomberg Economic News, brent crude futures for November delivery rose by 16 cents, reaching $72.14 per barrel, while West Texas Intermediate (WTI) crude futures increased by 8 cents to settle at $68.26 per barrel.
Despite this rise, both Brent and WTI crude experienced declines in the previous week, with Brent crude falling approximately 3 percent and WTI dropping around 5 percent. These decreases were largely attributed to growing concerns over demand, particularly following a lack of market confidence generated by fiscal stimulus efforts in China. As the world's second-largest economy and a leading oil importer, China's economic measures did not provide the expected boost to market sentiment.
Market participants are closely monitoring upcoming statements from Federal Reserve Chairman Jerome Powell, hoping to gain insights into the potential pace of monetary policy easing. Investors are eager to understand how these economic indicators might influence oil demand in the near future, especially as geopolitical tensions continue to loom over supply routes in the Middle East.
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