Oil prices raised their losses to more than 5% in trading on Tuesday after a media report said Israel was ready not to hit Iranian oil targets, easing fears of supply disruption, and after OPEC cut its forecast for global oil demand growth in 2024 and 2025.
The benchmark crudes fell 3% during early trading on Tuesday, after falling 2% yesterday.
The Brent crude futures fell $4.1, or 5.18% to $73.45 a barrel, while the U.S. WTI futures fell $4, or 5.42%, to $69.83 a barrel.
Gold price stabilizes as risk appetite eases after disappointing Chinese data
Prices fell about $4 this week, almost erasing the cumulative gains they made in seven sessions to Friday when investors were concerned about the risks surrounding supplies as Israel planned to respond to an Iranian missile attack.
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