Oil Steadies After Two-Day Drop as Traders Track Mideast Tension.

Oil prices stabilized after a recent decline, with a focus on geopolitical tensions in the Middle East and supply concerns. Global benchmark Brent hovered above $74 a barrel, while West Texas Intermediate was close to $70. Traders are monitoring negotiations between Israel and Hamas, as well as the potential for Israel to strike Iran, which could impact oil exports. The market is also wary of a potential oversupply next year and weakening global demand due to factors like China's economic slowdown and the rise of electric vehicles. [Extracted from the article]