Oil drops to 2-week low, Brent below $79
02/02/2024
Argaam
Oil drilling rigs
Oil prices settled lower after unsubstantiated reports of a ceasefire between Israel and Hamas. This may mitigate geopolitical risks, which have recently shored up prices.
Brent crude for April delivery dropped 2.3% to $78.70 a barrel, the lowest level since Jan. 19. Brent touched $81.55 a barrel during the session.
WTI contracts for March delivery fell by 2.7% to $73.82 a barrel, the lowest settlement since Jan. 19, when it reached $73.25 a barrel.
OPEC stated on Thursday that the Joint Ministerial Monitoring Committee (JMMC) reviewed on Feb. 1 the crude oil production data for November and December 2023. The next meeting will be held on April 3.
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