Oil plunged over 2% on easing Middle East concerns.
International benchmarks for crude oil nosedived more than 2% on Monday, 23 October 2023 on growing hope that the Hamas–Israel conflict would be contained
International benchmarks for crude oil nosedived more than 2% on Monday, 23 October 2023 on growing hope that the Hamas – Israel conflict would be contained as international diplomatic efforts intensified. Investors backed out to assess the market direction now that the imminent threat to supply has subsided.
Brent fell $2.33 or 2.5% to close at $89.83/barrel.
WTI dropped $2.59 or 2.9% to close at $85.49/barrel.
Adding to the downward pressure is the re-emergence of Venezuela’s barrels after the US government removed sanctions on the country.