Reported 2 months ago
Oil prices fell following a five-day rise as fears of escalating conflict in the Middle East clashed with indications of diminishing global demand. Brent crude dipped to around $82 per barrel and West Texas Intermediate fell below $80. Despite ongoing cuts from OPEC+, consumption concerns prompted the organization to revise its demand forecasts for the current year and next. The market's underlying strength persists, as indicated by widening time spreads, even as external pressures remain.
Source: YAHOO