Live Update From the Liveblog of
Tuesday, October 15, 2024
Oil price drops 5% on easing Mideast fears
The price of key US oil contract West Texas Intermediate tumbles more than five percent after a report Israel is not looking to strike Iran’s crude facilities.
WTI falls as low as $70.10 a barrel, while European benchmark Brent North Sea crude slumps close to five percent to $73.69, also owing to expectations of lower demand from China’s struggling economy, according to analysts.