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Crude Trading Around Geopolitical Events

OIL

Oil prices extended Thursday’s gains on Friday after Israel rejected Hamas’ terms for a ceasefire, Houthi attacks on Red Sea shipping continued and demand for gasoline in the US appeared strong. Stronger risk appetite and a slightly lower US dollar also provided support. Excess supply concerns are never far away though as OPEC+ exceeds quotas and US output remains strong.

  • WTI rose 0.5% to $76.60/bbl after reaching an intraday high of $77.20, above resistance at $76.95 which opened up $79.29, January 29 high. The benchmark is now up 1% in February and 6.6% this year.
  • Brent is 0.3% higher at $81.86/bbl after a high of $82.45. Key resistance is at $84.17, January 29 high. It is now up 1.6% this month and 6.4% in 2024 to date.
  • Israel’s plans to move into southern Gaza risk escalating tensions in an already tense region. The Middle East produces around a third of global oil supply. So, oil prices will remain volatile around events in the area. There are also risks to Russian refining facilities from Ukrainian attacks.
Energy BulletsCommodities
Energy BulletsCommodities

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