Specifically, the price of West Texas Intermediate oil in the US fell more than 5% to 69.71 USD/barrel. Meanwhile, the price of Brent crude oil in the North Sea of Europe also decreased by a similar amount to 73.34 USD/barrel.
Crude oil prices cooled after the Washington Post reported that Israeli Prime Minister Benjamin Netanyahu had discussed with US President Joe Biden the possibility of targeting Iran's military, rather than its oil and nuclear sectors.
Hargreaves Lansdown senior analyst Matt Britzman said the news eased supply concerns.
Iran's missile attacks on Israel earlier this month sent crude oil prices soaring, on concerns that retaliatory strikes would disrupt oil supplies.
The International Energy Agency (IEA) confirmed on the same day that current supplies are still sufficient to meet the needs of the global oil market. In its monthly update, the IEA said the end of the Libyan oil blockade, weaker demand and low production losses following hurricanes in the Gulf of Mexico "have helped stabilize the market".
Another factor that weighed on oil prices was concerns about demand in China, after Beijing failed to announce any new economic stimulus measures at a press conference over the weekend. Weaker-than-expected trade and inflation data in September have investors worried that China, the world’s largest crude importer, is failing to revive its economy.
Meanwhile, the world stock market recorded mixed developments. At the close of trading on October 15, the Hang Seng index on the Hong Kong (China) stock market fell nearly 4%, the Shanghai composite index fell 2.5%, while Tokyo (Japan) received green after a 3-day weekend.
In Europe, the FTSE index in London (UK) fell, despite official data showing that the country's unemployment rate and wage growth have eased, increasing analysts' expectations that the Bank of England will continue to cut interest rates next month.
The CAC 40 index on the Paris stock market (France) fell 0.8%, while the DAX index on the Frankfurt market (Germany) rose 0.3% on expectations that the European Central Bank will cut interest rates on October 17, in the context of easing concerns about inflation in the Eurozone and increasing concerns about slow economic growth.
Oil prices dance on the Middle East 'fire pan'Source: https://tuoitre.vn/gia-dau-tho-giam-manh-20241015202223038.htm
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