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Singapore, October 16 (QNA) – Oil prices edged lower in Asian trading on Friday as investors assessed geopolitical developments in the Middle East.
Brent crude futures fell 41 cents, or 0.39 percent, to USD 105.51 a barrel, while US West Texas Intermediate (WTI) crude futures declined 54 cents, or 0.55 percent, to USD 97.43 a barrel.
In the previous session, US crude gained more than 3 percent, supported by a substantial drawdown in US crude oil inventories.
The decline follows yesterday’s agreement by the International Energy Agency (IEA) to release over 20 million barrels of diesel into global markets, alongside remaining emergency reserve volumes previously slated for release last March, to bolster supply and curb rising prices. (QNA)
