Brent oil price benchmark set for biggest weekly drop since 2020

Business Recorder reported that Brent crude was heading for a 17 percent weekly decline, its steepest percentage loss since the start of the COVID-19 pandemic. By 10:34 a.m. CDT on Friday, January Brent futures had slipped 45 cents, or 0.46 percent, to USD97.84 a barrel, while US West Texas Intermediate rose 15 cents to USD90.67. WTI was set to lose 13 percent for the week.

The report linked the decline to hopes that US midterm election results could ease the conflict involving Iran and allow more regional crude exports. Signs of a possible supply surplus and weaker demand also weighed on the market, although attacks on vessels near the Gulf and Strait of Hormuz continued to raise concerns about supply routes. Middle Eastern crude spot premiums had returned to pre-conflict levels, while analysts said shipping detours and transfers between vessels remained complications.