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Oil prices were stable yesterday as investors weighed potential supply risks from developing geopolitical tensions in a thinly attended post-Christmas session, after the U.S.A carried out airstrikes against Islamic State militants in Nigeria and added greater economic pressure on Venezuelan oil.
Brent crude futures fell 16 cents, or 0.26%, to $62.08 per barrel by 1148 GMT. U.S. West Texas Intermediate (WTI) crude was down 7 cents, or 0.12%, at $58.28.
Oil prices are ready for their steepest annual decline since 2020, with Brent and WTI down 17% and 19% respectively versus the final close of 2024. Rising oil output from both the OPEC+ group and non-OPEC states has raised concerns of a market in surplus heading into next year.
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