Expectations that tension over the Iran war will ease after the Republicans’ heavy defeat in the US midterm elections have pushed international crude oil prices below $100 a barrel. Prices edged up for a second straight day, but they remain on track for a steep weekly decline. Brent and US crude could fall by about 12% this week.
According to Reuters, Brent crude for January delivery rose $1.57, or 1.6%, from the previous day to $99.86 a barrel on Friday morning, Bangladesh time.
At the same time, US West Texas Intermediate (WTI) crude rose $1.10, or 1.2%, to $91.62 a barrel. Both benchmarks have now risen for two days in a row.
Despite the daily gains, Brent is on course to fall 12% over the week.
January contract prices are being used since the December delivery contract expired on October 30. WTI could also fall 12.1% this week.
On Wednesday, crude prices fell 8% in a single day on international markets. The drop followed the Democrats’ big win in the US midterm elections.
That day, both Brent and WTI fell to their lowest levels in two months.
Hopes of easing tension over the Iran war are behind the fall. Investors see a better chance of de-escalation after the heavy election defeat of US President Donald Trump’s Republican Party. But fears that the war in the Middle East could disrupt oil supplies remain, and that concern is helping to prevent a deeper fall in world oil prices.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report