On the morning of October 23 in Asia, Brent oil price decreased 79 US cents, to 91.37 USD/barrel, while WTI oil price decreased 91 US cents, to 87.17 USD/barrel, thanks to efforts to restrain conflict in the Middle East
Oil prices in Asia on the morning of October 23 decreased by more than 1 USD, as diplomatic efforts were stepped up over the weekend to curb conflict in the Middle East.
Brent oil futures fell 79 US cents, to 91.37 USD/barrel, after falling 1.02 USD, to 91.14 USD/barrel earlier in the session. US WTI light sweet oil futures price decreased 91 US cents, to 87.17 USD/barrel, after falling 1.72 USD, to 87.03 USD/barrel.
Last week, both types of oil increased more than 1%, marking the second consecutive weekly increase due to concerns about the risk of supply disruption if the conflict between Israel and the Islamic Hamas Movement spreads in the Middle East, the region. the world’s largest oil supplier.
Analysts at ANZ Research say the conflict will not spread and disrupt supply. However, in the latest developments, Israel bombarded the Gaza Strip and its drone was shot down in Lebanon.
To reduce the pressure on oil supply, which was already tight after the Organization of the Petroleum Exporting Countries (OPEC) and its allies cut production, the US stopped sanctions against OPEC members, OPEC. Venezuela.
