Oil prices fell on Tuesday, paring the previous day's nearly 2% rise as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East, and as slow demand in China, the world's top oil importer, continued to weigh on the market.
Oil prices fell on Tuesday, paring the previous day's nearly 2% rise as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East, and as slow demand in China, the world's top oil importer, continued to weigh on the market.
"Crude oil prices have been fluctuating in response to mixed news from the Middle East, as the situation alternates between escalation and de-escalation," Satoru Yoshida, a commodity analyst with Rakuten Securities.
U.S. Secretary of State Antony Blinken headed to the Middle East on Monday seeking to revive talks to end the Gaza war and defuse the spillover conflict in Lebanon.
China's oil-demand growth is expected to remain weak in 2025 despite recent stimulus measures from Beijing as the world's No.
Persons:
paring, Brent, WTI, recouping, Satoru Yoshida, Antony Blinken
Organizations:
Brent, . West Texas, Rakuten Securities, International Energy Agency
Locations:
China, Iran, Gaza, Lebanon, Beijing, Saudi Aramco