The oil prices they operated stable near the 74 dollars per barrel, as America’s top diplomat renewed his efforts for a cease-fire in Middle East since the slowdown in the growth of the demand in Chinathe world’s largest importer, continued to weigh.
The futures of Brent for delivery in December They gave up 20 cents, either 0.27 percentat 74.09 dollars, and those of West Texas Intermediate in the United States (WTI) for delivery in November fell 20 cents, to $70.36on the last day of the contract as the reference month.
The futures of WTI for delivery in December, which will soon become the reference month, there remained 22 centseither 0.3 percentat 69.82 dollars per barrel.
Both Brent and WTI rose almost 2 percent on Monday, recovering some of the fall of more than 7 percent last week, without the fighting in the Middle East subsiding and with the market still nervous about the foreseeable retaliation of Israel against Iran, that could cause disruptions in the oil supply.
The US Secretary of State, Anthony Blinkenarrived today in Israel, the first stop on a tour of the Middle East in which he will try to reactivate talks to end the war of Gaza and deactivate the conflict in Lebanon.
“Oil prices have been fluctuating in response to conflicting news from the Middle East, as the situation alternates between escalation and de-escalation,” said Satoru Yoshida of Rakuten Securities.
The market continues to weigh the impact of the measures of Beijing stimulus and the improvement of economic activity in the United States, but progress is likely to remain limited by persistent uncertainty over economic outlook global, he added.
Data released on Friday showed that the Chinese economy grew in the third quarter at the slowest pace since early 2023, fueling growing concerns about the oil demand.
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