KONTAN.CO.ID - SINGAPORE. Oil prices stabilised in early Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the U.S. economy and potential supply disruptions from ongoing tensions in the Red Sea. Brent crude slipped 1 cent, or 0.01%, to $75.88 a barrel by 0300 GMT, while U.S. West Texas Intermediate crude futures rose 4 cents, or 0.06%, to $70.42 a barrel. Oil prices had climbed around $2 earlier in the week following attacks on vessels in the Red Sea by Houthi rebels over the weekend and the reported arrival of an Iranian warship on Monday. A wider conflict could close crucial waterways for oil transportation and disrupt trade flows.
Oil Prices Hold Steady Amid Economic Concerns Despite Red Sea Worries
KONTAN.CO.ID - SINGAPORE. Oil prices stabilised in early Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the U.S. economy and potential supply disruptions from ongoing tensions in the Red Sea. Brent crude slipped 1 cent, or 0.01%, to $75.88 a barrel by 0300 GMT, while U.S. West Texas Intermediate crude futures rose 4 cents, or 0.06%, to $70.42 a barrel. Oil prices had climbed around $2 earlier in the week following attacks on vessels in the Red Sea by Houthi rebels over the weekend and the reported arrival of an Iranian warship on Monday. A wider conflict could close crucial waterways for oil transportation and disrupt trade flows.