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Crude Lower Today As Gaza Invasion On Hold For Now

OIL

Oil prices have trended lower today falling almost a percent as negotiations to release Israeli hostages has put the ground invasion of Gaza on hold. There has been little new news during the APAC session but there has been a pullback in risk sentiment with equity markets down across the region. The USD index is 0.1% higher but off its intraday high.

  • WTI is down 0.9% to $87.25/bbl and Brent -0.8% to $91.42. Both are off their intraday lows of $87.03 and $91.14 respectively. Brent has spent most of the session below $92.
  • Later the US Chicago Fed index for September is released and is forecast to improve marginally. There are no Fed or ECB speakers on the schedule. This week the data focus is on US preliminary October PMIs and core consumption for September. The main sensitivity for crude markets is likely to be developments in the Middle East; an expansion to other countries remains the key risk.
Energy BulletsCommodities
Energy BulletsCommodities

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