Oil prices steady after 7.0 pct weekly drop
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Oil prices steadied on October 21, 2024, after a 7.0% drop the previous week due to concerns about demand in China and easing supply disruption fears in the Middle East; Brent crude rose 8 cents to $73.14 per barrel, while WTI gained 10 cents to $69.32 per barrel; the previous week's decline was the largest since September 2, attributed to slowing economic growth in China and reduced risk premiums in the Middle East; U.S. President Joe Biden mentioned opportunities to address the Israel-Iran conflict; China's economy grew at its slowest pace since early 2023, prompting a cut in benchmark lending rates; U.S. energy firms reduced oil and gas rigs for the fourth time in five weeks, with the rig count dropping to 585.
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https://www.nst.com.my/business/economy/2024/10/1122949/oil-prices-steady-after-70-pct-weekly-drop
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