International oil prices swung sharply this week. Influenced by the results of the US midterm elections, markets expect the US-Iran military conflict may see a diplomatic turn, coupled with weak crude demand and growing concerns over oversupply. Both major international benchmarks fell about 13% for the week. However, with a series of recent tanker attacks in the Middle East raising fears that crude supplies could be disrupted, international oil prices stabilized on Friday (November 6) after days of declines.
Brent crude futures in London, UK rose US$0.03, or 0.03%, to settle at US$98.32 per barrel.
US West Texas Intermediate (WTI) crude futures in New York rose US$0.31, or 0.34%, to settle at US$90.83 per barrel.
