Oil prices mixed as rising Mideast tensions offset demand concerns

December 9, 2024

Oil prices experienced mixed movements as weak Chinese demand clashed with Middle East tensions following the Syrian rebels’ overthrow of President Assad. Brent crude futures dipped slightly, while US WTI crude futures saw a marginal increase. Concerns over a supply surplus loomed despite OPEC+’s decision to extend production cuts, with Saudi Aramco reducing prices for Asian buyers.

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