Price action
Crude futures increased Brent For delivery in December, 13 cents, or 0.18 percent, to $71.83 a barrel at 0050 GMT. US West Texas Intermediate crude futures for delivery in November rose 11 cents, or 0.16 percent, to $68.28 per barrel.
There were markets Oil Under pressure from weaker-than-expected demand growth this year, especially in… ChinaThe largest importer of crude oil in the world. Demand concerns were strengthened on Monday after the data showed Contraction in manufacturing activity In the world’s second largest economy for the fifth month in September.
Yesterday, September Brent crude futures concluded down nine percent, a decline for the third month and the largest monthly decline since November 2022. They plunged 17 percent in the third quarter, their largest quarterly loss in a year. West Texas Intermediate crude fell seven percent last month and fell 16 percent in the third quarter.
Despite demand concerns, escalating tensions between Israel and the Hezbollah militant group in Lebanon have increased the possibility of drawing Iran directly into the conflict and possibly disrupting exports. Oil From the area. Iran is a major oil producer and a member of the Organization of the Petroleum Exporting Countries (OPEC).OPEC).
The Israeli army said in a statement early Tuesday that it had begun limited, targeted raids on Hezbollah targets in the border area in southern Lebanon.
It is scheduled to be lifted OPEC+which includes OPEC members and allies such as Russia, production reached 180,000 barrels per day in December.
A Reuters poll conducted yesterday expected it to decrease Crude oil stocks US fuel last week amounted to about 2.1 million barrels in the week ending September 27.
