Oil little changed as demand worries offset Mideast fears

Quick Summary:

SINGAPORE: Oil prices were little changed on Tuesday as stronger supply prospects and tepid global demand growth outweighed worries that escalating tensions in the Middle East could impact output from the key exporting region.

Alongside the demand concerns, OPEC+, which groups OPEC members and allies such as Russia, is scheduled to raise output by 180,000 barrels per day in December.

However, supply fears seem relatively contained for now, with market participants still pricing out the risks of a wider regional conflict, said IG's Yeap.

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Category: EconomyBusiness

Markets: MalaysiaChinaIndonesiaIsraelLebanonSingaporeUnited States

Topics: Brent /Business/Business News OPEC Middle East Energy WTI

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-01 @ 15:34:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 476 words

Reading Time: 3 minutes read

Sentences: 21 lines

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Copyright Owner: © The Star

News ID: 22832298

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