With the ongoing economic slowdown in China and diminishing hopes for imminent US interest rate reductions, global oil prices saw a decline in the early trade today. These concerns outweighed supply apprehensions triggered by escalating tensions in the Middle East.
Trading at US$89.16 a barrel, Brent futures for June delivery experienced a minor decrease of 7 cents or 0.1%. Similarly, US crude futures for May delivery fell by 10 cents, or 0.1%, trading at US$85.26 a barrel.
Despite geopolitical tensions, oil prices have weakened this week due to economic challenges impacting investor sentiment. The market is closely watching the potential Israeli response to Iran’s recent attack on its territory, said Hiroyuki Kikukawa, president of NS Trading, a Nissan Securities subsidiary.
“Demand concerns have arisen due to the anticipated delay…
