Crude oil prices fell further in the global market on Thursday (September 17th) morning, reducing the risk of major disruptions in oil supplies to the Middle East. This was reported in the Al Jazeera report.
According to the report, Saudi Arabia has offered to ship extra crude oil through Oman, a little bit of concern about the supply in the market. This will continue to affect the previous day’s decline.
On Thursday, the price of the international market standard Brent crude fell by 1 decimal $24 per barrel, or 1 decimal 2 percent, to $104. At the same time, the price of oil in the United States’ West Texas Intermediate (WTI) fell by 14 per cent to $1 decimal, or $1.
Earlier on Wednesday, the price of both Brent and WTI-Oil prices fell by about $3. As a result, the price of oil in the international market has been slightly lower in the two-day fall.
Market analysts are now focused on the oil supply situation in the Middle East and Saudi Arabia’s additional crude oil supply initiatives. The next change in the supply situation could have a significant impact on the trajectory of oil prices in the global market.