Oil prices remained low on Wednesday as the market grappled with concerns over weak global demand while largely dismissing the potential for a significant escalation in the Middle East.
As of 10:30 AM, the price of North Sea Brent crude for December delivery had increased by 0.19% to $74.39. In contrast, West Texas Intermediate (WTI) for November delivery rose by 0.23% to $70.44.
Analysts suggest that fears of an imminent oil supply crisis have been replaced by a “cold and calculated pragmatism.” They indicate that the deteriorating outlook for global demand is a major factor driving the substantial decline in crude prices.
