Oil Prices Stabilize After Sharp Decline
2024-10-16
Summary:
Oil rose in early Asian trade Wednesday amid Middle East conflict uncertainty, after a $5 drop earlier this week to the lowest since early October.
Oil prices edged higher in early Asian trading on Wednesday, driven by ongoing uncertainty surrounding the conflict in the Middle East. This rise comes after oil prices had dropped by as much as $5 earlier in the week, reaching their lowest levels since early October.
Adding to the market's concerns, both OPEC and the International Energy Agency (IEA) have revised their forecasts for global oil demand growth in 2024, citing weaker demand from China. The world’s second-largest economy imported nearly 3% less crude oil in the first nine months of this year compared to the same period last year, reflecting slowing economic activity and contributing to the more subdued outlook for global oil consumption.
Israel will take into account the “opinions” of the US but will ultimately act against an Iranian missile attack according to its own “national interests”, PM Benjamin Netanyahu’s office has said.
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