INSUBCONTINENT EXCLUSIVE:
The global oil market experienced a subtle shift on Friday, November 1, 2024
Brent crude for January delivery inched up by 0.40% to $73.10 per barrel.Similarly, West Texas Intermediate (WTI) for December delivery rose
by 0.33% to $69.49 per barrel
Despite these modest gains, both benchmarks recorded significant weekly losses.Brent crude fell by 3.37%, while WTI dropped 3.18% over the
These declines reflect the complex interplay of geopolitical tensions and market dynamics.Rumors of potential Iranian attacks on Israel
briefly pushed Brent crude near $75 per barrel
Reports suggested Iran might use drones and missiles through its allied militias in Iraq.This news sparked concerns about possible supply
Oil Supply Challenges Amid Middle East Tensions
(Photo Internet reproduction)This focused approach reduced geopolitical risks, causing prices to plummet by 6% on Monday, October 28
The Organization of Petroleum Exporting Countries and allies (OPEC+) may delay lifting voluntary production cuts.This speculation provided
some support to prices in the latter part of the week
developments in the Middle East
Tensions between Iran and Israel continue to influence price movements
However, the impact appears less dramatic than in previous conflicts.Traders are closely monitoring OPEC+ decisions and their potential
Global economic conditions also factor into oil price dynamics.Demand forecasts, influenced by economic growth projections, affect market
Investors are weighing these factors against geopolitical risks
oversupply and geopolitical stability
The market continues to seek a balance between these competing forces.
