Oil prices fall as we wait for changes in the war in Israel
October 23, 2023 - 11:24 Last week, oil contracts saw an increase of more than 1% for the second consecutive week. The oil experiences a new drop this Monday, as investors' attention continues to be focused on the situation in the Middle East. The intensification of diplomatic efforts to stop… Oil prices have dropped as Israel continues its attacks on Gaza and continues to bomb southern Lebanon. Despite this, aid convoys from Egypt managed to reach the Gaza Strip over the weekend, but a summit in Cairo did not produce a joint declaration. The threat of a reduction in oil supplies was alleviated by the United States suspending sanctions on OPEC member Venezuela after reaching an agreement with the opposition. Oil production in Norway decreased to 1.64 million barrels per day in September, below forecasts of 1.73 million barrels. These events continue to influence the global outlook for oil prices.
Publicerad : 2 år sedan förbi William i Finance
Meanwhile, Israel continued its attacks in Gaza, and also carried out airstrikes in southern Lebanon overnight. Despite this, Aid convoys managed to reach the Gaza Strip from Egypt over the weekend. However, a summit in Cairo did not produce a joint declaration, underscoring the complexity of the situation in the region.
Despite tensions in the Middle East, the threat of a reduction in oil supplies was mitigated last week when the United States suspended sanctions on OPEC member Venezuela after reaching an agreement with the opposition.
Additionally, oil production in Norway decreased to 1.64 million barrels per day in September, below the 1.79 million barrels per day in August and forecasts of 1.73 million barrels per day. These events continue to influence the global outlook for oil prices.
Ämnen: Markets, Oil & Gas, Israel