17 Hrs
Source:
الاقتصادية
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Oil dips slightly after rally fueled by Middle East
Oil prices experienced a slight decline after three consecutive days of gains, due to concerns that the expansion of the war in the Middle East could disrupt regional supplies. The Brent crude blend traded near $106 per barrel, while West Texas Intermediate (WTI) hovered around $93, with diesel prices in New York continuing to decline. These changes occurred despite Saudi Arabia's efforts to boost its export capacities by increasing pipeline capacity and reducing reliance on the Strait of Hormuz, with a planned production increase of 1.2 million barrels per day over the next two to three years. The recent trend reflects escalating geopolitical tensions and market fears of further disruptions in supply, even though oil shipments from the Middle East have returned to nearly pre-war levels.
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