Economy
Oil prices retreat as investors weigh West Asia tensions and supply outlook
The Hindu1h
THE BRIEF
1
Crude oil prices fell more than 1% on Thursday as traders evaluated shipping disruptions in the Strait of Hormuz against potential US moves to ease shipping costs.
2
Brent crude futures declined $1.64 to $104.42 a barrel, while US West Texas Intermediate dropped 98 cents to $94.11 a barrel.
3
Industry data showed US crude inventories fell by 11.1 million barrels in the week ending October 9, marking a much larger draw than analysts had anticipated.