Oil Futures Rise on Middle East Tensions

1 Mins read

Price Moves

  • West Texas Intermediate crude for March delivery rose 63 cents, or 0.8%, to $77.55 a barrel on the New York Mercantile Exchange.
  • April Brent crude, the global benchmark, was up 67 cents, or 0.8%, at $82.67 a barrel on ICE Futures Europe.

Market Drivers

The U.S. benchmark, WTI, recorded its sixth straight gain on Monday, while Brent saw a slight decrease. Both grades experienced a surge of over 6% in the previous week amid growing concerns about potential conflicts in the Middle East that could disrupt crude supply.

According to Craig Erlam, senior market analyst at Oanda, the market remains highly volatile due to events in the Middle East. He also noted that the global economy and interest rates are factors that contribute to this volatility. While expectations regarding interest rates have been scaled back recently, traders continue to hold a positive outlook on the economic situation. However, if the timeline for rate cuts gets pushed further back, it could dampen confidence and lead to a decline in oil prices.

Related posts

Elon Musk vs. Sam Altman Legal Battle

2 Mins read
Allegations and Predictions It’s the story of the day — Elon Musk is suing Sam Altman, and OpenAI, for allegedly failing to…

Regional Banks Face Challenges

1 Mins read
New York Community Bancorp Inc. Faces Setback Regional bank stocks took a hit early Friday, with New York Community Bancorp Inc. (NYCB)…

CG's Semiconductor Manufacturing Venture in India

1 Mins read
Positive News CG Power & Industrial Solutions saw a significant increase in shares following the announcement of their partnership to construct and…

Leave a Reply

Your email address will not be published. Required fields are marked *