Crude oil prices fell in the global market as the recent tensions between Iran and Israel eased in the Middle East.
This information was revealed in a report by the Reuters news agency on Tuesday (April 23). According to Reuters, on Monday (April 22), the price of Brent crude on the international crude oil market fell 0.33 percent, or 29 cents, from the previous day. On this day, each barrel was traded at 87 dollars.
On the other hand, the price of US West Texas Intermediate (WTI) fell 29 cents or 0.35 percent. This oil was traded at 82 dollars 85 cents per barrel in the market.
Yip Jun, an analyst at IG Markets, a world-renowned financial institution, said that the price of Brent crude oil fell because Iran’s reaction against Israel was somewhat normal. He also said that rising US crude oil inventories are currently putting pressure on sales.
Analyst Tina Teng said economic concerns have again become a negative factor for the crude market. In addition to prices, the market is also going to come under pressure due to US stockpiles. Apart from this, the strength of the dollar is likely to increase the cost of purchasing crude oil for users of other currencies.
Meanwhile, the US House of Representatives recently passed a large aid package for Ukraine and Israel. As a result, analysts believe that the US sanctions against Iran’s oil production may be extended. If Iran’s oil extraction is interrupted, it may also have a negative impact on the international market.
In such a situation, ANZ analysts said in a statement, the unrest in the Middle East will affect the crude oil market.
