NEW DELHI, 28 October (H.S.):Oil prices are tumbling with the opening of trading in

Asia as dealers breathe a sigh of relief that Israel’s Saturday strikes on

military targets in Iran spared the country’s oil installations. Oil tumbled as

Israeli strikes on Iran over the weekend avoided the OPEC member’s oil

facilities.

Both Brent and U.S. West Texas Intermediate crude

futures hit their lowest levels since Oct. 1 at the open. Brent was at $72.63 a

barrel, down by 4.5%, while WTI slipped 4.6%, to $68.45 a barrel.

Oil prices rose sharply following Iran’s October 1

ballistic missile attack on Israel, but they had already begun to fall after

peaking on October 7 as it became clear Israel would likely restrict its

reprisal to avoid sparking a wider conflagration.

The benchmarks gained 4% last week in volatile trade as

markets priced in uncertainty around the extent of Israel's response to the

Iranian missile attack on Oct. 1 and the U.S. election next month.

Crude prices have been buffeted by geopolitical risks in

the Middle East and lackluster demand growth in China, with industrial profit

data over the weekend highlighting the weak outlook in the biggest oil importer

despite recent government stimulus. Meanwhile, OPEC plans to ease production

curbs despite increasing supply from outside the cartel have fueled concerns

there’ll be a glut next year.

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Hindusthan Samachar / Nimish kumar