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Transcontinental geopolitical region
The Middle East is a geo-political region that is generally defined as encompassing all of Egypt and all of West Asia except for the Caucasus. It roughly corresponds with what was historically referred to in Western Europe as the Near East, which was juxtaposed with the Far East. Unlike West Asia's adherence to continental boundaries, the Middle East is demarcated by following political borders and consequently includes East Thrace in Southeast Europe because it is a part of Turkey.
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Oil prices moved lower in Asian trading on Monday as increased crude exports from the Middle East and plans by Group of Seven countries to release emergency reserves reduced some near-term supply concerns. At 03:00 ET (07:00 GMT), Brent crude futures for December delivery declined 0.
УНН Economy ✎ Brent and WTI prices declined due to increased exports and the G7 decision to release oil from reserves. Geopolitical risks remain.
Oil prices fell on October 5 as higher Middle East exports and a G7 agreement to release strategic reserves eased supply concerns. Brent and WTI futures both declined.