Israel Conducts Strike on Hamas Leaders in Qatar
Oil prices rose nearly $1 following an Israeli military attack on Hamas leaders in Doha, amid ongoing regional tensions and supply concerns, with Brent and US crude both increasing by about 1.5%.
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Us Crude
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Oil Prices Plummet as U.S. Crude Hits 11-Month Low, Sparking Market Share Battle
U.S. crude prices dropped below $70 per barrel, reaching their lowest levels since June, as concerns about the Chinese economy and increased oil production outside of OPEC+ weighed on the market. Gasoline prices in the U.S. also fell to an 11-month low, averaging $3.22 per gallon. Despite efforts by OPEC+ to boost prices by promising supply cuts in the first quarter of 2024, oil traders remain skeptical. Moody's downgraded China's government credit rating to negative, further contributing to the pessimistic outlook.
"Gas Prices Expected to Drop to $3.25 by Halloween"
Oil prices have experienced a dramatic reversal, plunging to a five-week low as US crude dropped by 5.6% to $84.22 a barrel, marking the biggest one-day decline in a year. Gas prices are already starting to retreat, and experts predict sharper drops to come. The national average for regular gas is expected to dip to nearly $3.50 a gallon, with some experts predicting it could fall as low as $3.25 a gallon by Halloween. The drop in oil and gasoline prices is expected to help convince the Federal Reserve to keep interest rates steady at its next meeting. However, there is a risk that more aggressive supply cuts or disruptions could cause prices to rise again in the future.
Global Banking Crisis Sends Oil Prices Plummeting.
Oil prices dropped below $70 a barrel due to concerns over the banking sector, with investors worried about the potential impact of the Evergrande crisis on global markets. The fall in prices was also attributed to a stronger US dollar and concerns over the spread of Covid-19.