Brent Crude Prices Stabilize Around $100 Mark

Crude oil prices have been trending downward for four consecutive trading days, but remain high at around $102.05 per barrel of Brent crude from the North Sea for November delivery.

The price drop represents a 1.75% decrease and indicates that while oil is getting slightly cheaper, it still remains expensive.

Market participants are keeping a close eye on diplomatic efforts to end the war between the U.S. and Iran, which continues to impact global oil prices.

Xuyi Zhao, senior oil analyst at Guotai Junan Futures, believes that while the worst of the shortage may be over, Brent crude is likely to stabilize around the $100 mark due to a lack of conditions for a sustained downward trend.