Middle Eastern oil prices fall on supply hopes
The Middle Eastern crude oil markets experienced sharp declines following the optimism about increased oil flows resulting from the US-Iranian agreement to reopen the Strait of Hormuz. The prices of Murban and Oman crude oils fell significantly, as suppliers such as Adnoc and Kuwait Petroleum sold their oil outside the Strait, leading to a decrease in the spread between benchmark oil contracts. These changes caused the profit margin for Murban crude to decline to around one dollar, after having risen to over 40 dollars in March, amid uncertainty surrounding the resumption of final flow resumption.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)