Brent crude rises by 0.24%, reaching $76.48 per barrel
Brent crude oil for October delivery closed this Tuesday with a modest rise of 0.24%, reaching $76.48 in the London futures market.
North Sea crude, the benchmark in Europe, increased by $0.18 compared to the last session on the Intercontinental Exchange, where it ended at $76.30.
Oil prices showed slight signs of improvement after hitting their lowest level since January on Monday. However, investment funds like Goldman Sachs remain confident that Brent has bottomed out and will continue its upward trend, staying above $75.
Iran’s promise to retaliate against Israel and the United States following the assassination of two Hamas leaders has raised fears of a broader conflict in the Middle East. This could directly impact regional oil supplies, as countries like Libya have announced reductions in their production.
Adding to the geopolitical situation are speculations about a potential weakening of U.S. crude demand. The U.S. showed signs of economic slowdown after revealing much worse-than-expected unemployment data, which also caused abrupt drops in global stock markets earlier this week.
Meanwhile, U.S. West Texas Intermediate (WTI) crude oil fell back below $73.00 per barrel on Tuesday as fossil fuel markets struggled to find support. Offers for barrels remain firmly rooted on the lower end following a four-week decline.
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