Oil prices edged higher amid volatile trading on Middle East tensions
Global crude oil benchmarks closed higher on Wednesday, November 13, 2024, in a volatile trading session as market participants assessed conflicting reports on potential supply risks stemming from Middle East tensions.
Global crude oil benchmarks closed higher on Wednesday, November 13, 2024, in a volatile trading session as market participants assessed conflicting reports on potential supply risks stemming from Middle East tensions. Price fluctuations were pronounced throughout the day, largely due to unconfirmed news surrounding potential conflict developments involving Israel and Iran.
Brent crude added 39 cents to settle at $72.28/barrel.
WTI gained 31 cents to close at $68.43/barrel.
According to Reuters, the global crude oil benchmarks were also supported by short-covering activities after the market fell near a two-week low on OPEC's reduced demand forecast. Nonetheless, gains were restrained by a strong US dollar, which reached a seven-month high, increasing costs for buyers using other currencies.
Written by: Muhammad Hafiz