Oil prices fell after a US report showed a slight rise in crude stockpiles. The Biden administration is seeking a truce in the Middle East to ease tensions.
Brent crude dropped below $76 per barrel after rising over 4% in two days. West Texas Intermediate also fell toward $71.
The American Petroleum Institute reported a 1.6 million barrel increase in stockpiles last week. Official data is expected later today.
Secretary of State Antony Blinken and Israeli Prime Minister Netanyahu noted potential for de-escalation in the Gaza conflict. Traders are watching Israel’s response to Iran’s recent missile strike.
October saw significant fluctuations in the oil market amid concerns about Middle East supply disruptions. This region produces about one-third of the world’s oil.
China, a major oil importer, announced stimulus measures to combat an economic downturn. However, the effectiveness of these strategies remains uncertain.
Analyst Gao Jian stated that geopolitical factors still influence the crude oil market. If these factors weaken, investors may focus on underlying market weaknesses.
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