Price movements
Brent crude futures fell by 30 cents, or 0.4 percent, to $71.12 per barrel upon settlement, while US West Texas Intermediate crude fell by 17 cents, or 0.3 percent, to $67.21 per barrel.
The two crude oil prices had risen by more than a dollar per barrel earlier in the session.
Futures contracts for the two standard crudes fell yesterday, Monday, to their lowest levels since October 1, after the strike launched by Israel over the weekend in response to an attack carried out by Iran earlier without compromising Tehran’s oil infrastructure.
Axios correspondent Barak Ravid had said on Ex, citing two sources, that the Israeli Prime Minister Benjamin Netanyahu He will hold a meeting this evening with a number of ministers and heads of military and intelligence agencies to discuss diplomatic contacts that would end the war in Lebanon.
Iranian Foreign Ministry spokesman Ismail Baghaei said on Monday that Iran “will use all available tools” to respond to the Israeli attack.
Meanwhile, demand for oil continues to decline Chinathe largest importer of crude oil in the world, poses a burden on global oil consumption and prices.
BP CEO Murray Oakenclose told Reuters that demand will return to normal growth rates after Chinese President Xi Jinping announces new stimulus measures for the economy.
The company’s CEO said Saudi Aramco The oil giant said that the oil market is currently balanced and demand is expected to average 104.5 million barrels per day this year.
“Markets have tried to make a slight recovery but are still under pressure from weak demand from China and concerns about oversupply,” said Andrew Lipow, president of Lipow Oil Associates.
