PT Solid Gold Berjangka | Oil Prices Ease on Possible New Middle East Ceasefire Talks
OIL SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | Oil prices eased about 1% in volatile trade on Thursday on reports the U.S. and Israel will try to restart talks on a possible ceasefire in Gaza.
Brent futures settled 58 cents, or 0.8%, lower at $74.38 a barrel, while U.S. West Texas Intermediate crude (WTI) slipped 58 cents, or 0.8%, to end at $70.19.
After Iran fired missiles at Israel on Oct. 1, Brent crude surged about 8% during the week ended Oct. 4 on worries Israel would attack Iran’s oil infrastructure. It fell about 8% in the week ended Oct. 18 on reports Israel would not hit energy infrastructure, easing fears of supply disruptions.
Iran is a member of the Organization of the Petroleum Exporting Countries and produced about 4 million barrels per day (bpd) of oil in 2023, U.S. Energy Information Administration data showed.
Iran was on track to export around 1.5 million bpd in 2024, up from an estimated 1.4 million bpd in 2023, according to analysts and U.S. government reports.
Iran backs several groups fighting Israel, including Hezbollah in Lebanon, Hamas in Gaza and the Houthis in Yemen.
With the fast-approaching U.S. presidential election, which could alter U.S. Middle East and oil policy, President Joe Biden’s administration continued to push for peace between Israel and Hezbollah and Hamas.
Source : Reuters