Oil prices fall in early Asian trading

by times news cr

2024-02-12T04:41:46+00:00

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/ Oil prices fell in early Asian trading on Monday after Israel said it had “ended” a series of strikes on southern Gaza, slightly easing concerns about supplies from the Middle East.

Brent crude futures fell 43 cents, or 0.5 percent, to $81.76 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 46 cents, or 0.6 percent, to $76.38 a barrel by 01:35 GMT.

Geopolitical risks, including fears that the Israeli-Palestinian conflict could spread across the region and the possibility of disruption to oil supplies from the Middle East, have pushed prices up about 6 percent in the past week.

While supply concerns in the Middle East remained relatively high, news from the United States has eased some of the concerns.

U.S. energy companies added oil and natural gas rigs to their highest levels since mid-December, potentially signaling a rise in production.

Domestic production last week returned to a record level of 13.3 million barrels per day.

Demand concerns persist, with a Federal Reserve official saying she is not interested in recommending a rate cut, adding to calls for more action to curb inflation. Higher interest rates slow economic growth, which reduces demand for oil.

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