Oil prices slipped on Tuesday as tankers continue to ply Middle East conflict zones, easing market concerns about supply disruptions. This was reported by Qazaqyia.kz citing Reuters.
Brent crude futures fell 0.5% to $73.50 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 0.6% to $69.80 a barrel. Trading volumes were lower than usual as traders adjusted positions ahead of the year-end.
The continued movement of tankers through conflict zones reduced market worries about potential supply disruptions. Earlier, geopolitical tensions in the Middle East had raised concerns about threats to oil supplies. However, the normal operation of tankers has alleviated these concerns.
Analysts note that the oil market remains volatile due to the balance of supply and demand. OPEC+ continues to cut production, but slowing global economic growth is putting pressure on demand.