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Crude Spikes on Possible Gaza Ground Invasion

OIL

Crude has strengthened further after comments from Israeli PM Benjamin Netanyahu suggesting a ground invasion will be conducted.

  • WTI DEC 23 up 1.4% at 84.91$/bbl
  • WTI-Brent down -0.34$/bbl at -4.72$/bbl
  • WTI initially rose to the intraday high of $85.39/b, before coming off slightly.
  • According to Reuters, Netanyahu says: "The timing of an invasion will be reached by consensus," adding that he, "won't give details."
  • While not contradicting earlier declarations, the comments suggest worsening prospects for de-escalation, which raises the risk of a wider conflict.
  • WTI DEC 23-JAN 24 down -0.06$/bbl at 0.71$/bbl
  • WTI JAN 24-FEB 24 unchanged at 0.83$/bbl
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