From Quiver Quantitative:

Oil prices are declining, influenced by Saudi Aramco’s reduction in official prices. The price of Arab Light crude to Asia has been cut by $2 per barrel. Despite regional tensions in the Middle East and Libya, such as increased attacks and shutdowns, the oil market is struggling with increased supplies and slowing demand. Analysts suggest that Middle East tensions may lead to short-term increases, but persisting oversupply and weakened demand remain dominant price challenges. The oil market will continue to adjust to these evolving factors throughout 2024.



Read more: Oil Prices Dip as Saudi Arabia Cuts Prices Amid Global Market Weakness