6 Hrs
Source:
الاقتصادية
Oil Glut Outweighs Hormuz
Oil prices fell for a second week, with both Brent and West Texas Intermediate down about 2.5%, despite supply risks in the Strait of Hormuz, amid expectations of rising global supply and weak demand. The International Energy Agency expects a surplus of 1.7 million barrels per day in the fourth quarter, with average supply reaching 105 million barrels per day, as Middle Eastern exports recover faster than demand grows. Brent settled at $95.84 a barrel, while U.S. crude fell to $88.56, with geopolitical tensions still posing a risk of renewed upward pressure on prices.
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