Oil prices stabilized in early trading on October 21, 2024, after falling more than 7% last week (from October 14) on concerns about demand in China, the world’s largest oil importer, and allaying fears of possible supply disruptions in the Middle East.
Brent crude futures rose 8 cents, or 0.11%, to $73.14 a barrel on Monday, October 21. U.S. West Texas Intermediate crude futures rose 10 cents, or 0.14%, to $69.32 a barrel.
Brent fell more than 7% last week, while WTI lost around 8%. This is the biggest weekly drop in crude oil prices since September 2, due to slowing economic growth in China and a fall in risk premia in the Middle East.
US President Joe Biden said on Friday October 18 that there was an opportunity “to deal with Israel and Iran in a way that ends the conflict for a period of time”. But the conflict in the Middle East intensified over the weekend, as Israel said on Sunday (October 20) that it was preparing within hours to attack sites belonging to the Al-Qardh Al association. -Hassan, the financial arm of the Hezbollah group, in the Lebanese capital, Beirut.
This morning, Monday October 21, 2024, China lowered its key interest rates as planned, as part of a broader package of stimulus measures aimed at reviving the economy.
On the supply side, U.S. energy companies last week reduced the number of operating oil and gas rigs for the fourth time in five weeks, energy services company Baker said Friday (October 18). Hughes, in his closely watched report. The number of platforms decreased by one to 585.
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