Oil Prices Today (Representational Image)
\n\nOil prices edged down on Friday as traders weighed the possibility of the US easing restrictions on certain oil tankers against escalating geopolitical tensions in the Middle East. The prospect of additional supplies entering the market offered some relief, although concerns over shipping disruptions continued to support crude prices. Brent crude futures declined 41 cents, or 0.39 per cent, to $105.51 per barrel. US West Texas Intermediate (WTI) crude futures dropped 54 cents, or 0.55 per cent, to $97.43 per barrel on October 16.
\n\nThe movement followed a strong session for WTI on Thursday, when prices settled more than 3 per cent higher after US data showed a substantial drawdown in crude inventories. Brent, meanwhile, ended the session with little change.
\n\nBoth contracts came under pressure as investors considered whether Washington could take steps to ease supply constraints by relaxing sanctions on selected oil tankers. However, the market remains sensitive to developments in the Middle East, where attacks on vessels and escalating hostilities have increased uncertainty around the movement of crude and petroleum products.
\n\nUS Considers Easing Restrictions On Shadow Fleet Tankers
\n\nThe Donald Trump administration is discussing the possibility of lifting sanctions on some…
Original source: https://www.timesnownews.com/business-economy
