Brent slips to $85/bbl even after Saudi’s pledge to stabilise markets
Oil prices fell over 2 per cent on Wednesday, October 11, as fears of disruption to supplies due to conflict in the Middle East receded a day after top oil producer Saudi Arabia pledged to help stabilise the oil market.
Brent futures fell $2.10, or 2.4 per cent, to $85.55 a barrel and US West Texas Intermediate (WTI) crude fell $2.55, or 3 per cent, to $83.42, according to news agency Reuters. Brent and WTI had surged more than $3.50 on Monday on concern the clashes between Israel and Palestinian Islamist group Hamas could escalate into a broader conflict that could disrupt global oil supply.
Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a October 19 expiry, was last trading lower by 1.83 per cent lower at ₹7,030 per bbl, having swung between ₹6,932 and ₹7,208 per bbl during the session so far, against a previous close of ₹7,161 per barrel.
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Updated: 11 Oct 2023, 10:22 PM IST
