Oil prices dip after strongest weekly rise in over one year

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SINGAPORE: 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.

"We see a direct attack on Iran's oil facilities as the least likely response among Israel's options," it said.

ANZ Research cautioned that despite the rally in oil prices last week, the impact of the conflict on oil supply will be relatively small.

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Category: EconomyBusiness

Markets: MalaysiaChinaIsraelKazakhstanLebanonSingapore

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

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-07 @ 15:18:00 (6 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 536 words

Reading Time: 3 minutes read

Sentences: 20 lines

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Copyright Owner: © The Star

News ID: 22918705

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