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Oil steadied following steep slump on demand worries

By Rana Gharib
18 Apr,2024
Oil steadied following steep slump on demand worries

Oil prices moved little following a 3% slump in the earlier session as market lingered worried about demand this year and on hints of an escalated disruptions in the Middle East.

Brent crude added 0.15% at $87.42 per barrel, while US WTI edged up by 0.07% at $82.75 per barrel.

Both benchmarks slumped by 3% in the earlier session on hints that fuel demand in 2024 is lower than projections amidst slowing Chinese economic growth and as oil inventories edged up.

Investors are also discounting the likelihood of a big Israeli response to Iran's strike on April 13, which was sparked by Israel's purported April 1 assassination of Iranian military officers at a Syrian diplomatic facility.

Iran is ranked third among the Organization of the Petroleum Exporting Countries (OPEC) in terms of production, and a resolution to its war with Israel would lessen the likelihood of Middle Eastern supply interruptions.

 

 

 

 

 

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