Ankara – Oil prices decrease as supply concerns in Libya ease
Oil prices decreased on Thursday after supply concerns eased in Libya and lingering demand worries in China despite efforts to stimulate the economy. International benchmark Brent crude fell by 2.5% to $71.19 per barrel, while US benchmark West Texas Intermediate (WTI) dropped by 2.5% to $67.88 per barrel.
The UN Support Mission in Libya announced an agreement between Libya’s House of Representatives and the High Council of State in Tripoli, leading to expectations of stabilization in the country’s oil production. Concerns remain over the stimulus plan in China and its impact on global demand.
However, the fall in US crude oil inventories by 4.5 million barrels reflected stronger domestic demand. Gasoline inventories also decreased, contributing to the overall decline in oil prices.
Despite the downward pressure on oil prices, market analysts continue to monitor the global economic situation for further developments. Stay tuned for more updates on oil market trends.