Doha: Oil prices fell in early trade on Thursday, extending the previous day's losses after reduced fears of supply disruptions in the Middle East. Brent crude futures dropped $1.24, or 1.2%, to $104.59 a barrel, while US West Texas Intermediate (WTI) crude futures were down $1.14, or 1.1%, to $101.29.
According to Qatar News Agency, both benchmarks fell about $3 on Wednesday. The decline in prices is attributed to easing concerns over potential disruptions in oil supply from the Middle East, which has historically been a critical factor influencing global oil markets. The reduction in tensions has provided some relief to traders and stakeholders concerned about the stability of oil supply in the region.
The decrease in oil prices marks a continuation of the trend observed earlier this week, as geopolitical factors often play a significant role in the fluctuation of oil prices. Traders are closely monitoring developments in the Middle East, as any changes could lead to further volatility in the market. As the situation stabilizes, market participants are adjusting their positions accordingly, contributing to the observed price movements.