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OIL: Geopoltical Premium Pulling Back on Oil

OIL
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Crude prices are slipping back on Monday having found earlier support on Middle East escalations after Israel has stepped up attacks on Hezbollah and Hamas. 

  • Brent NOV 24 down -0.4% at 71.66$/bbl
  • WTI NOV 24 down -0.2% at 68.07$/bbl
  • Prices had gained on the potential for Iran to be drawn deeper into the conflict but there has been no actual impact on flows yet meaning any geopolitical risk premiums are proving fleeting.
  • Meanwhile, despite China's push towards boosting its economy, it's unclear if this will translate into higher fuel demand.
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Crude prices are slipping back on Monday having found earlier support on Middle East escalations after Israel has stepped up attacks on Hezbollah and Hamas. 

  • Brent NOV 24 down -0.4% at 71.66$/bbl
  • WTI NOV 24 down -0.2% at 68.07$/bbl
  • Prices had gained on the potential for Iran to be drawn deeper into the conflict but there has been no actual impact on flows yet meaning any geopolitical risk premiums are proving fleeting.
  • Meanwhile, despite China's push towards boosting its economy, it's unclear if this will translate into higher fuel demand.