Oil prices steady despite geopolitical tensions, posting a 17% quarterly loss
Brent suffered a 9% drop in September, its steepest monthly decline since November 2022, and recorded a 17% quarterly slump, marking its largest in a year as prices fell for a third consecutive month.
Oil prices remained mostly flat on Monday, September 30, but posted a sharp 17% loss for the third quarter, driven by concerns over weakening global demand despite ongoing Middle East conflict risks.
Brent crude closed at $71.81/barrel, up $0.27 on the day.
WTI crude dipped by $0.01 to settle at $68.17/barrel.
Brent suffered a 9% drop in September, its steepest monthly decline since November 2022, and recorded a 17% quarterly slump, marking its largest in a year as prices fell for a third consecutive month.
Monday's slight rise was partly attributed to escalating geopolitical tensions in the Middle East, with potential disruptions to supply if Iran becomes more involved. However, China's sluggish demand recovery, despite recent fiscal measures, continues to dampen market sentiment.
Written by: Muhammad Hafiz