2024-04-08 13:37:54
Oil prices dropped on Monday afternoon as geopolitical risks declined.
As Day.Az reports with reference to Interfax, June Brent futures fell in price on the London ICE Futures exchange by $0.73 (0.8%) to $90.44 per barrel. By this time, May futures for WTI had fallen in price on the NYMEX exchange by $0.71 (0.82%), to $86.2 per barrel.
Last week, Brent rose in price by 4.8%, WTI – by 4.5%. Both brands finished in the black for the fourth week in a row, something not seen since last August.
The Israel Defense Forces withdrew all units from the southern Gaza Strip on Sunday night, The Jerusalem Post reported. According to the newspaper, to date only one Israeli army brigade remains in place, whose task is to ensure the security of the corridor connecting southern Israel with the coast of the Gaza Strip.
“The market was under some downward pressure in morning trading,” said ING analysts Warren Patterson and Eva Manty. “The risk premium built into the quotes will decline over time in the absence of escalation.”
Data from oil services company Baker Hughes showed that over the past week the number of active oil drilling rigs in the United States increased by two to reach 508 units. The number of gas installations was reduced by two, to 110.
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