%Oil prices have stabilized near $74 U.S. a barrel amid a renewed push for a ceasefire in the Middle East.
Brent crude oil, the international standard, is currently trading at $74.09 U.S. a barrel. West Texas Intermediate (WTI) crude, the American benchmark, is at $70.36 U.S. per barrel.
Oil prices have settled down, ending a volatile week of price swings, as U.S. Secretary of State Antony Blinken arrives in Israel to push a ceasefire in the escalating violence across the region.
Blinken is on a Middle East tour in which he will seek to revive talks to end the Gaza war and the spillover conflict in Lebanon.
At the same time, energy markets continue to weigh the impact of an economic slowdown in China, which is the world’s largest importer of crude oil.
Energy analysts say they are continuing to assess Beijing’s stimulus measures and improved U.S. economic activity but say that gains will likely remain limited over the near-term.