Oil prices dip after strongest weekly rise in over one year

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Home Business Oil prices dip after strongest weekly rise in over one year 07-10-2024 10:32 AM Ammon News - Oil prices fell on Monday, after posting their steepest weekly rise in more than a year last week, as oversupply concerns amid softer demand countered the worries over a wider Middle East conflict disrupting exports in the key oil-producing region. Brent crude futures fell 28 cents, or 0.36%, to $77.77 per barrel by 0645 GMT. U.S. West Texas Intermediate crude futures slipped 19 cents, or 0.26%, to $74.19 per barrel. Brent rose by more than 8% last week, the biggest weekly gain since January 2023, while the WTI contract gained 9.1% week-on-week, the most since March 2023, on expectations that Israel could strike Iranian oil infrastructure in response to an Iranian missile attack on Israel on Oct. 1. Reuters

Home Business

Oil prices dip after strongest weekly rise in over one year

07-10-2024 10:32 AM

Ammon News - Oil prices fell on Monday, after posting their steepest weekly rise in more than a year last week, as oversupply concerns amid softer demand countered the worries over a wider Middle East conflict disrupting exports in the key oil-producing region.

Brent crude futures fell 28 cents, or 0.36%, to $77.77 per barrel by 0645 GMT. U.S. West Texas Intermediate crude futures slipped 19 cents, or 0.26%, to $74.19 per barrel.

Brent rose by more than 8% last week, the biggest weekly gain since January 2023, while the WTI contract gained 9.1% week-on-week, the most since March 2023, on expectations that Israel could strike Iranian oil infrastructure in response to an Iranian missile attack on Israel on Oct. 1.

Reuters

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