27 Oct, 23

Oil Price Rally Reverses Despite Tightening Market Fundamentals

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The oil price rally has failed to gain any kind of momentum three weeks after tensions in the Middle East escalated despite market fundamentals strengthening. Brent crude for December delivery was down 1.8% to trade at $88.49 per barrel at 1400 hrs ET in Thursday’s intraday session while the December WTI contract fell by a similar margin to change hands at $83.88 per barrel. Brent has now declined 7.0% over the past week while WTI is down 4.8% over the timeframe as worries about the global economy and energy demand weighed on sentiment.…

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