Oil closes lower, Brent falls below $90

16/10/2023 Argaam

Oil closes lower, Brent falls below $90

Oil drilling rigs

Oil prices closed lower today, Oct. 16, despite a weaker dollar and amid supply fears against the backdrop of the potential escalation in the Middle East region.

 

Futures contracts for standard Brent crude for December delivery fell by 1.3%, or $1.24, to $89.65 per barrel.

 

WTI crude contracts for November delivery also fell by 1.2%, or $1.03, to $86.66 per barrel.

 

The dollar index, which measures its value against a basket of major currencies, fell by 0.40% to 106.24 points, at 09:54 pm Makkah time.

 

Today’s losses fallowed the sharp gains on Oct. 13, and in light supply risks due to tensions in the Middle East. Meanwhile, reports claimed that the US was considering an agreement with Venezuela to ease oil sanctions.

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