According to the economic group, quoted by Reuters, the price of oil decreased following the release of two American hostages by Hamas. The hope that the Zionist-Palestinian crisis will calm down and that it will not spread to other regions of the Middle East and disrupt the supply of oil has lowered its price.
The price of a barrel of Brent North Sea oil today decreased by 22 cents equal to 0.24% to 92 dollars and 16 cents. US West Texas Intermediate oil is trading at 62 cents, or 0.69% decrease, to 88 dollars and 75 cents.
Following the mediation of Qatar, the military wing of Hamas released two American hostages, a mother and a daughter, for humanitarian reasons.
This action of Hamas partially removed the sensitivity from the market and increased the hope of getting out of this crisis.
Both of these oil indices had increased by more than one dollar per barrel in the previous day due to the possibility of the spread of conflicts and had more than one percent weekly price increase.
The Middle East is still in the center of the market’s attention because the fear of the spread of conflicts in this region could disrupt the supply of oil.
Although this probability is now lower, analysts believe that it should not be ignored.
The forecast of a decrease in the supply of oil in the market in the last quarter of this year, following the extension of the decrease in production in Saudi Arabia and Russia, has also supported the price of oil.
Another factor behind the recent increase in oil prices is the decrease in US crude oil reserves. It is expected that the price of Brent crude oil will remain between 90 and 100 dollars per barrel in the coming days.
