INSUBCONTINENT EXCLUSIVE:
Oil prices continued their downward trend, influenced by economic data from the United States and Europe
elections and ongoing conflicts in the Middle East remain significant factors to watch.On Thursday, October 24, oil closed lower once again
The Brent crude contracts for December fell by 0.77%, settling at $74.38 per barrel on the Intercontinental Exchange in London.Similarly,
West Texas Intermediate (WTI) contracts for December dropped by 0.81%, ending at $70.19 per barrel on the New York Mercantile Exchange
At one point during the session, WTI traded below $69 per barrel.The decline in oil prices stemmed from increasing market risk aversion
In Europe, business activity in the eurozone stagnated this month, remaining in contraction territory.The preliminary Composite Purchasing
Analysts had anticipated a more substantial increase to 49.8.Oil Prices Decline Amid U.S
Elections and Middle East Concerns
(Photo Internet reproduction)Despite this monthly improvement, the index stayed below the critical mark of 50, indicating a contraction in
industrial activity for the second consecutive month
investor caution amid speculation about a potential victory for Donald Trump in the upcoming presidential election.Additionally, worries
about possible disruptions to oil supply due to Middle Eastern conflicts lingered
Analysts at Julius Baer noted that despite these uncertainties, oil prices have remained relatively stable in recent days.They highlighted
short, the bank has adjusted its forecasts and now predicts oil prices will reach $65 per barrel by the end of 2025.
