Oil drops to 2-week low, Brent below $79

02/02/2024 Argaam
Oil drilling rigs

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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