Oil plunges 4% as Iran supply disruption concerns ease

Quick Summary:

Oil prices tumbled more than 4% to a near two-week low on Tuesday due to a weaker demand outlook and after a media report said Israel would not strike Iranian nuclear and oil sites, easing fears of a supply disruption.

Current crude prices are below levels needed for many of those countries to meet their national budgets, Lipow added.

Opec and its allies, known as Opec+, may change production plans for late this year, said Andrew Lipow, president of Lipow Oil Associates.

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Category: EconomyBusiness

Markets: MalaysiaChinaIsraelUnited States

Topics: DemandOutlook Commodities OilPrices BrentCrude SupplyDisruption GlobalOilMarket WTIFutures /Business/ OPECForecast

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-16 @ 07:34:00 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 386 words

Reading Time: 3 minutes read

Sentences: 19 lines

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Copyright Owner: © The Star

News ID: 23080175

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