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Oil prices fell slightly: trade conflicts and the Middle East conflict are causing uncertainty
Read why oil prices fell on April 18, 2024. Current developments in the Middle East and market analysis on our YouTube channel. Find out more now! 🛢️ #Oil Prices #Market Development #Middle East #YouTube Channel
Oil prices fell slightly: trade conflicts and the Middle East conflict are causing uncertainty
Oil prices fell slightly on Thursday. A barrel of North Sea Brent last cost $87.18 for delivery in June, down 11 cents from the previous day. The price for a barrel of US West Texas Intermediate (WTI) for delivery in May fell by 3 cents to $82.66.
The current market continues to be shaped by the conflict in the Middle East. According to a report by US broadcaster ABC, the United States government believes that a possible Israeli counterattack on Iran could not occur until the end of the month. A senior US government official said a counterstrike was considered unlikely at this point, although the situation could change at any time. Despite these geopolitical tensions, price fluctuations on the crude oil market have so far remained limited.
On Wednesday, oil prices still came under significant pressure due to increased US inventories, which weighed on the market. Developments in the Middle East as well as matters surrounding US inventories therefore remain important factors that could influence prices in the coming days.