SINGAPORE: Oil prices continued their downward trend for a fourth consecutive day on Thursday, with both Brent and US crude benchmarks recording further losses. The decline has largely been attributed to easing concerns over a possible escalation of the ongoing war involving Iran following the outcome of the US midterm elections.
During Thursday’s trading session, Brent crude futures fell by 80 cents, or 0.85%, to settle at $93.82 per barrel.
Meanwhile, US West Texas Intermediate (WTI) crude futures dropped by $1.20, or 1.36%, bringing the price to $86.92 per barrel.
Market experts believe that changing political dynamics in the United States and growing expectations of a possible diplomatic resolution to the conflict with Iran have influenced global oil prices, prompting investors to adopt a cautious approach.
Analysts say the future direction of crude oil prices will largely depend on developments in relations between the United States and Iran, the stability of oil supplies from the Middle East, and the outcome of ongoing diplomatic efforts aimed at ending the conflict.
