Daily Times

Crude oil prices moved downward due to demand concerns on Tuesday despite escalating tensions in the Middle East. As of 1355 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.36 (-0.43 percent) to reach $82.97 a barrel. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went down by $0.35 (-0.45 percent) to $78.13 a barrel. On the other hand, the price of Arab Light increased by $0.73 (+0.85 percent) to reach $86.17 a barrel. Similarly, the price of Russian Sokol decreased by $0.03 (-0.04 percent) to $77.20 a barrel. On the other hand, the price for Opec Basket decreased by $0.44 (-0.52 percent) at $83.79 a barrel. Last week Brent and WTI had registered their steepest weekly losses in three months as the market focused on weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut. Brent crude has fallen by about 8 percent since reaching a six-month high of $91.17 a barrel in April, as the fallout from Iran’s attack on Israel has remained limited. Meanwhile, Turkey has confirmed that it would halt all trade with Israel until the country improves the flow of aid into Gaza. Officials said the pause went into effect on Thursday. The prospects for a deal in the Middle East faded. The Israeli military seized control of the Rafah border crossing between the Gaza Strip and Egypt and its tanks pushed into the southern Gazan town of Rafah, as mediators struggled to secure a ceasefire agreement.