19 Hrs
Source:
الاقتصادية
Oil Gains as Short Positions Cover
Oil prices rose today, Tuesday, after five days of decline, as traders began covering their short positions and reducing risk. This led to a 1.1% increase in Brent crude to $101.48 per barrel and a 0.9% rise in West Texas Intermediate to $96.65. The rebound follows a drop in prices below $100 for the first time since September 9, amid optimism about the convergence of diplomatic efforts between the United States and Iran, along with Saudi Arabia’s measures to restart the East-West pipeline, easing market concerns over oil supply. Analysts highlighted that the price increase is primarily due to short-covering rather than a shift in the fundamental trend, with markets remaining sensitive to news and diplomatic developments.
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