Nov 21, 2024 (MENAFN via COMTEX) --
Oil prices dropped on Tuesday as worries about a possible Fed volumr pause weighed on sentiment, though supply troubles and reports of US approval for Ukraine's use of long-range missiles against Russia limited harms.The global oil benchmark of Brent crude declined 0.6 percent to USD72.65 per barrel at 12 p.m. local time (0900GMT), down from the prior session's end of USD73.09.The US benchmark West Texas Intermediate further fell by 0.6 percent to USD68.69 per barrel, compared to USD69.12 at the previous session's end.Analysts alerted that President-elect Donald Trump's concentrate on taxes might interrupt global trade, adding to the tensions on holding prices as well as the commodity market.A possible trade conflict among the US and China, the greatest oil consumers in the world, coupled with persistent worries regarding China's economic activity, keeps risk perception raised in the region. Uncertainty about the timeline for closing the Fed's inflation battle further pressures holding prices, fueling speculation that an interest volume cut may be off the table in the upcoming month.At the meantime, both benchmarks rose nearly to USD3 per barrel on Monday with interruptions in key oil sectors.The Norwegian firm Equinor declared that it had ended production at the Johan Sverdrup oil sector because of a power outage, halting arounf 755,000 barrels of daily production.An Equinor representative stated that attempts were ongoing to revive production in the sectore, though the fixed date of operation is still unknown.
COMTEX_460049487/2604/2024-11-21T14:51:12
