Oil prices are collapsing late Monday evening, according to market sources monitored by Barak Betesh (i24NEWS). The dramatic drop extends a period of heightened volatility as The Zioneer reported earlier today.
Oil prices are in a sharp decline late Monday night, a move that market analysts attribute to a combination of global demand concerns and shifting geopolitical expectations. The collapse comes after a day of turbulence that saw prices swing widely amid conflicting signals from the US-Iran nuclear talks and OPEC+ production signals. As The Zioneer reported earlier Monday evening, oil had already fallen once during the trading day, extending a volatile period that has seen Brent crude drop from above $91 per barrel earlier this week. The latest slide appears to be accelerating, with traders citing a lack of clear buying support. Neither OPEC nor the IEA has commented on the move at this hour.
3 developments
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