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This was $1.65 more than the previous day. The price of the American West Texas Intermediate (WTI) barrel for November delivery increased by $1.81 to $88.47.
After oil prices stabilized in the first half of the week on hopes of diplomatic efforts to contain the war between Hamas and Israel, they now threaten to escalate further. Market observers pointed out that the rocket attack on a hospital in the Gaza Strip increased geopolitical concerns in the oil market.
Reference was also made to better-than-expected economic data from China. This fuels speculation of higher demand, which in turn supports oil prices.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
