Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Oil Prices Drop ... Brent Crude Reaches $87.8

Wed 01 May 2024 | 02:37 AM
Taarek Refaat

Oil prices extended their losses and fell by 1% on Tuesday on the back of higher US crude oil production, as well as discussions about a ceasefire between Israel and Hamas.

However, Israeli Prime Minister Benjamin Netanyahu today pledged to press ahead with his long-promised attack on the city of Rafah in the southern Gaza Strip.

Brent crude futures for June fell 0.7% to $87.8 per barrel.

The July contract fell 1.1% to $86.21.West Texas Intermediate (WTI) futures fell 83 cents, or 1% to $81.82 per barrel.

The Energy Information Administration said that US crude production rose to 13.15 million bpd in February from 12.58 million bpd in January, the largest monthly increase since October 2021. 

Meanwhile, exports rose to 4.66 million bpd from 4.05 million bpd in the same period. Period.

Traders believe some geopolitical risks are being taken out of the market, according to commodity market experts.