Oil Prices Drop as Syria Regime Change Concerns Ease
Brent Crude and WTI Prices Decline Amid Geopolitical Shifts
Oil prices experienced a slight decline on Tuesday as market concerns about the Syrian regime change began to settle.
Brent crude, the global oil benchmark, fell 0.11 percent to $72.06 per barrel, while US West Texas Intermediate crude dropped 0.20 percent to $68.23.
Despite the current dip, both benchmarks had climbed over 1 percent on Monday following the overthrow of Syrian President Bashar al-Assad.
Analysts note that while Syria is not a major oil producer, its strategic location and close ties with Russia and Iran raised initial market uncertainties.
The market is now focusing on potential upcoming events, including the expected US Federal Reserve rate cut and China’s anticipated monetary policy easing.
Traders are closely monitoring inflation data that could influence the Federal Reserve’s decision on interest rates during its December 17-18 meeting.
Positive expectations about China’s economic outlook are helping to stabilize oil prices, with reports suggesting the country will adopt a looser monetary policy to stimulate economic growth.
