Crude oil prices decline amid conflict in the Middle East
Other - OCTOBER 24, 2023

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Crude oil prices decline amid conflict in the Middle East

by Released

Crude oil prices have continued to decline since Oct. 20, after a series of gains that led to the highest levels in about 20 days, according to an analysis from Samer Hasn, market analyst and part of the research team at

West Texas Intermediate (WTI) oil futures fell by 0.6 percent to $87.55 per barrel, and Brent crude oil futures also fell by approximately the same percentage, reaching the level of $91.75 per barrel.

These declines during the past two sessions come with increasing talk about the possibility of containing the ongoing conflict in the Middle East and the efforts of international community to ensure that it does not go outside its usual borders or enter parties from inside or outside the region to fuel the conflict and get it out of control, which may threaten oil supplies.

“On the other hand, we continue to see more bullish signals and expectations supporting oil’s rise,” wrote Hasn. “The National Bank of Canada believes that the U

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