World oil prices drop

15:00 | 19.02.2024
World oil prices drop

World oil prices drop

Oil prices fell on Monday after rising on Friday and following the results of the entire last week.

Reported from Interfax that traders continue to monitor the situation in the Middle East, and also assess the prospects for oil demand.

The price of April futures for Brent oil on the London ICE Futures exchange amounted to $82.86 per barrel, which is $0.61 (0.73%) lower than at the close of previous trading.

On Friday, these contracts rose by $0.61 (0.7%) to $83.47 per barrel.

WTI oil futures for April in electronic trading on the New York Mercantile Exchange (NYMEX) fell in price by $0.6 (0.76%) to $77.86 per barrel.

Based on the results of previous trading, the cost of these contracts increased by $0.87 (1.1%) to $78.46 per barrel.

Last week, Brent rose in price by 1.6%, and WTI rose in price by 3.1%.

The oil market was supported by another increase in tensions in the Middle East, CFRA Research analyst Stewart Glickman said.

He added that the closer the situation is to a confrontation between Iran and Israel, the greater the risk for the oil market, and Israel's strikes on Lebanon are a step in this direction.

As reported, the Israeli military on Friday night attacked a military facility of the Shiite Lebanese movement Hezbollah in southern Lebanon. New airstrikes by the Israeli Defense Forces against Hezbollah positions in Lebanon were reported on Sunday.

The restraining factor for the oil market was the strengthening of the dollar amid growing expectations that the Federal Reserve will not rush to lower the base interest rate.
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