Oil prices tumbled during trading Wednesday to hit their lowest levels in nearly three months as fears faded that the war between Israel and Hamas could turn into a wider regional conflict. Thus increasing geopolitical turmoil in the region.
Data also showed a significant increase in U.S. crude supplies while conflicting Chinese economic data raised concerns about global demand for crude that also lagged oil, with China, the world's second-largest economy, reporting a 6.4% drop in exports in U.S. dollars for a month compared to the same period last year.
China's exports have also fallen for six consecutive months so far, as higher interest rates have put downward pressure on the global economy.
On the other hand, crude futures rose during the Asian period on Wednesday.
