{"id":8120,"date":"2023-10-11T13:44:54","date_gmt":"2023-10-11T13:44:54","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=8120"},"modified":"2023-10-11T13:44:54","modified_gmt":"2023-10-11T13:44:54","slug":"oil-falls-after-saudi-pledge-investors-keep-wary-eye-on-war","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/8120\/","title":{"rendered":"Oil falls after Saudi pledge; investors keep wary eye on War"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0\u00a0Oil prices fell on Wednesday, as fears of disruption to supplies due to conflict in the Middle East receded a day after top OPEC producer Saudi Arabia pledged to help stabilise the market.<\/p>\n

Brent crude fell 78 cents, or 0.89%, to $86.87 a barrel by 1225 GMT. U.S. West Texas Intermediate (WTI) crude fell by 84 cents, or 0.98%, to $85.13.<\/p>\n

Brent and WTI had surged more than $3.50 on Monday on\u00a0concern the clashes between Zionist regime and Palestinian Islamist group Hamas could escalate into a broader conflict.<\/p>\n

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Prices settled slightly lower on Tuesday after Saudi Arabia said it was working with regional and international partners to prevent an escalation, and reaffirmed it backed efforts to stabilise oil markets.<\/div>\n<\/div>\n<\/div>\n

Prices continued losses into Wednesday. WTI traded $1.01 a barrel lower at its intraday trough on Wednesday.<\/p>\n

“Both WTI and Brent retreated yesterday as concerns of a sudden and unexpected supply disruption have been swept aside for now,” PVM analyst Tamas Varga said.<\/p>\n

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Trading house Mercuria sees oil prices reaching $100\u00a0a barrel if the situation in the Middle East escalates further, deputy CEO Magid Shenouda said on Wednesday.<\/div>\n<\/div>\n<\/div>\n

Russia and Saudi Arabia met in Moscow on Wednesday, when Russian president Vladimir Putin said that OPEC+\u00a0coordination will continue\u00a0“for the predictability of the oil market.”<\/p>\n

Putin also urged companies to prioritise the Russian domestic market. The country’s ban on gasoline and some diesel exports was\u00a0rolled back again\u00a0last week as diesel exports that arrive at ports by pipeline were permitted.<\/p>\n

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Elsewhere, investors will be looking ahead to the release of the U.S. Federal Reserve’s September policy meeting minutes due later on Wednesday for clues on future interest rate decisions.<\/div>\n<\/div>\n<\/div>\n

U.S. Treasury Secretary Janet Yellen said on Wednesday that she still expected the U.S. economy to experience a\u00a0soft landing, despite “additional concerns” brought about by the situation in Zionist regime.<\/p>\n

In Europe, the German government confirmed it expects the economy to\u00a0contract by 0.4%\u00a0this year because of persistently high inflation.<\/p>\n

Updated on