Noha Makram – Live- Oil prices stabilized broadly on Tuesday, as investors awaited whether US Secretary of State Anthony Blinken’s tour of the Middle East would result in an end to the Gaza war, which has raised concerns about supplies from the main oil-producing region.
Brent crude futures fell by 8 cents to $77.91 per barrel, at 09:14 GMT, while West Texas Intermediate crude futures fell by 13 cents to $72.65.
Both contracts rose by about 1% yesterday, Monday, to record their first rise in four sessions.
Philip Nova, chief market analyst at Priyanka Sakdeva, said that signs of calming tensions in the Middle East are fading, leaving some support for oil prices.
The United States continued its campaign against the Houthis who launched attacks on ships in the Red Sea, sparking unrest in the global oil trade corridor.
However, concerns about the demand outlook are limiting price gains.
Analysts explained that expectations of maintaining high interest rates in the United States and other countries would limit consumption, along with indicators of the continued suffering of the Chinese economy.
BMI analysts expect the oil market to remain broadly balanced within a year and oil prices to rise moderately by 3.4%.
To trade and invest in the Egyptian Stock Exchange, click here
Follow the latest stock and economic news via our Telegram channel
Nominations:
China is pressuring Iran to curb Houthi attacks in the Red Sea
Oil is about to record its largest weekly rise since the outbreak of the Gaza war
Oil prices rose at the end of Monday trading
2024-02-06 10:01:53
#Oil #prices #stabilize #anticipation #Blinkens #visit #Middle #East
