Reported 11 days ago
Oil prices stabilized after a steep drop, but are still on track for a major weekly loss, primarily driven by expectations of increased production from OPEC members, notably Saudi Arabia and Libya. Brent crude hovered around $72 per barrel, down about 3.5% for the week, while West Texas Intermediate fell below $68. Analysts suggest that a compromise in Libya could soon lift an export ban, potentially leading to oversupply in the oil market. Furthermore, ongoing tensions in the Middle East and impacts from Hurricane Helene have contributed to the volatility in oil prices.
Source: YAHOO