Global oil prices drop nearly 17 per cent in Q3

WEB DESK: Global oil prices remained steady as the new quarter began, with China’s economic support measures balancing out the tensions sparked by Israel’s killing of Hezbollah’s leader over the weekend.

Brent crude, the international benchmark, traded around $72 per barrel, having dropped nearly 17 per cent during the third quarter of 2024. Meanwhile, West Texas Intermediate (WTI) was priced above $68.

Israel’s military announced it had launched targeted attacks on Hezbollah positions in southern Lebanon. Despite these tensions, oil prices have shown little response, as crude production in the Middle East has not been significantly impacted.

In a positive development, Libya is preparing to resume oil production after an agreement was reached between its two rival governments, Bloomberg reported, citing sources familiar with the situation.

Oil prices have also faced pressure from expectations that OPEC+ will follow through on plans to boost production. This comes even as China experiences a slowdown, despite the large-scale economic stimulus introduced last week.

OPEC+ is set to hold an online meeting on Wednesday to monitor the market as they prepare to increase output. According to Russian Deputy Prime Minister Alexander Novak, the group plans to start restoring supply in December and is not considering any new proposals at the moment.

Israel’s recent escalation against Hezbollah, following the killing of the group’s leader on Friday, has not yet led to major disruptions in oil production, allowing prices to remain stable.

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