Oil prices will stabilize as geopolitical risks recede in the Middle East

August 20, 2024

Singapore, August 20 (QNA) – Oil prices were stabilized today, after declining for two consecutive sessions after allaying fears of supply disruptions in the Middle East.

Brent crude rose 19 cents, or 0.24 percent, to $77.85, and the most active second-month contract for West Texas Intermediate crude rose 19 cents, or 0.26 percent, to $73.85.

Oil prices closed yesterday, Monday, with a decline of more than two dollars per barrel when they were settled at the end of trading.

Economic problems in China weighed on oil prices, as data last week showed new home prices fell at the fastest pace in nine years, and Chinese refiners cut crude processing levels sharply in the month of was due to weak demand for fuel.

Keywords

Economy, global