Oil prices halted their recent surge, resembling a 7% increase in the previous three sessions, due to supply concerns and concerns over a Middle East conflict and Libyan oil field shutdown.
Brent crude futures fell 32 cents, or 0.39%, to $81.11 a barrel, while U.S. West Texas Intermediate crude futures fell 36 cents, or 0.46%, to $77.06 a barrel.
Oil markets are slightly retracing after gains in the past three sessions, driven by U.S. interest rate cuts, military clashes between Israel and Hezbollah in Lebanon, and Libyan closures, potentially disrupting supply.
Over that period, WTI gained 7.6% and Brent gained 7%. ANZ analysts warn markets are on edge due to intensifying skirmishes between Israel and Hezbollah, with Libya’s eastern government halting oil production and exports as political tensions deepen.
