Oil prices experienced a moderate decline on April 24th due to easing concerns over conflicts in the Middle East and a slowdown in economic activity in major oil-consuming nations. However, a reduction in US crude oil inventories prevented a more significant drop.
Brent crude oil prices have plunged to a four-week low of 86.50 USD on Monday due to a combination of factors including reduced geopolitical tensions, rising US crude oil inventories, and global economic uncertainties. The easing of tensions between Iran and Israel has contributed to the decline, as Iran is a major OPEC oil producer whose exports play a crucial role in global oil markets. The unexpected surge in US crude oil inventories has further pressured prices, while concerns about prolonged elevated interest rates by the Federal Reserve have also dampened the outlook for oil demand. However, the stability of the US dollar has prevented steeper declines in oil prices.
