Economy

Oil prices slide as tensions in the Middle East ease

Brent crude, however, remains over 19 per cent higher than it was at the start of the year sparking inflation concerns

Global oil demand is forecast to rise by a higher-than-expected 1.7 million barrels per day in the first three months of 2024. Picture: Getty

Oil prices have fallen overnight as tensions in the Middle East eased.

West Texas Intermediate, the main oil benchmark for North America, was trading at $86.09 a barrel, down 0.94 per cent on Monday.

Brent crude, the international benchmark, was down 0.76 per cent by early afternoon on Monday at $90.48 a barrel, but remains 19 per cent higher than it was at the start of the year sparking inflation concerns.

“Markets had a rough ...