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Crude Oil Prices Hold Steady Despite Weak Demand and Geopolitical Tensions

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Despite weak demand and geopolitical tensions, the crude oil prices finished the week unchanged. Amid worries about deteriorating fundamentals, Saudi Arabia lowered official selling prices.

US crude oil stockpiles rose, exacerbating these worries.

The 1.34 million barrel weekly gain was more than anticipated.

An oil tanker off the coast of Oman was seized by Iran, and Houthi attacks on Red Sea shipping contributed to the escalation of tensions in the Middle East.

The US launched airstrikes on a Yemeni group backed by Iran in retaliation for Houthi attacks.

Late on Friday, prices reversed their gains; further increases were contingent on Iran’s engagement in the conflict.

SHREE METAL PRICES