Oil prices fell for the second week in a row due to the reduction of fears about the renewal of conflicts in the war with Iran and signs of an increase in the global supply surplus.
On Friday, Nov. 13, Brent crude futures fell 5 cents (0.05%) to $95.77 a barrel, and West Texas Intermediate (WTI) crude traded down 17 cents (0.19%). Both oil indices recorded a decrease of about 2% this week; This despite the fact that last week they faced significant decreases of 16 and 13 percent respectively.
According to analysts, the oil market is witnessing a fundamental change, resulting from the reduction of regional risks caused by the war between the US and Israel with the Islamic Republic of Iran, as well as the publication of the International Energy Agency's report on the increase in global oil surpluses.