PSX 100 Index
Updated:
18/10/24 08:15News
Oil steadies after sharp fall, Middle East uncertainty persists
SINGAPORE, Oct 16 (Reuters) - Oil prices inched higher in early trade on Wednesday on uncertainty over what may happen next in the Middle East conflict, after demand concerns knocked the market to its lowest since early October in the previous session.
Brent crude oil futures rose 14 cents, or 0.2%, to $74.39 a barrel by 0250 GMT. U.S. West Texas Intermediate crude futures climbed 19 cents, or 0.3%, to $70.77 per barrel.
Oil prices tumbled more than 4% to a near two-week low on Tuesday due to a weaker demand outlook and after a media report said Israel would not strike Iranian nuclear and oil sites, easing fears of a supply disruption.