Oil prices hold near two-week low
Russia competes with Saudi Arabia for the title of biggest crude oil and refined oil products exporter. PHOTO: FILE
Oil prices held near a two-week low on Wednesday after dropping about 7% over the prior three days on forecasts for less oil demand growth and an easing in worries that Middle East conflicts will result in supply disruptions.
Brent futures fell 13 cents, or 0.2%, to $74.12 a barrel 1558 GMT, while US West Texas Intermediate crude fell 24 cents, or 0.3%, to $70.34.
"On the top of every ardent bear's wish list are a stuttering Chinese economy, relative calm in the Near East and downward revisions in global oil demand growth. These wishes were granted at the beginning of the week," Tamas Varga, an analyst at TP ICAP's PVM brokerage unit said in a report.
Earlier this week, crude prices fell in response to a weaker demand outlook and a media report that Israel would not strike Iranian nuclear and oil sites, easing fears of supply disruptions.
Iran is a member of the OPEC and produced about 4.0 million bpd of oil in 2023, according to data from the US EIA.