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OIL: Mid-Day Oil Summary: Crude Rises

OIL
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Crude markets are rising today edging higher today as the market takes further stock of the geopolitical risk premium ahead of an expected Israeli response to a previous rocket strike from Iran. 

  • Brent DEC 24 up 1.3% at 77.6$/bbl
  • WTI NOV 24 up 1.4% at 74.28$/bbl
  • The lack of recent developments had allowed the risk premium to ease, but concern remains that Iran’s oil facilities could still be targeted.
  • Israel's retaliation against Iran is still awaited as the US continues to discourage Israel from targeting oil facilities. Israeli Prime Minister Benjamin Netanyahu and US President Joe Biden spoke on a call yesterday to discuss Israel’s response.
  • Saudi Aramco will supply 42-43mbbl of crude oil to China in November, according to Bloomberg sources.
  • Iraq’s SOMO raised the OSP for Basrah Medium to Asia for November to a $0.4/bbl premium to the Oman-Dubai average compared to a discount of $0.5/bbl for October according to Bloomberg.
  • A ship in the Red Sea near Eritrea was damaged after being hit by an unknown projectile, the UKMTO reported.
  • Better China related asset sentiment has likely helped oil at the margins today. Today the PBoC opened applications for a swap facility that is aimed at supporting local equity markets. This comes ahead of Saturday's fiscal briefing from the MoF.
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Crude markets are rising today edging higher today as the market takes further stock of the geopolitical risk premium ahead of an expected Israeli response to a previous rocket strike from Iran. 

  • Brent DEC 24 up 1.3% at 77.6$/bbl
  • WTI NOV 24 up 1.4% at 74.28$/bbl
  • The lack of recent developments had allowed the risk premium to ease, but concern remains that Iran’s oil facilities could still be targeted.
  • Israel's retaliation against Iran is still awaited as the US continues to discourage Israel from targeting oil facilities. Israeli Prime Minister Benjamin Netanyahu and US President Joe Biden spoke on a call yesterday to discuss Israel’s response.
  • Saudi Aramco will supply 42-43mbbl of crude oil to China in November, according to Bloomberg sources.
  • Iraq’s SOMO raised the OSP for Basrah Medium to Asia for November to a $0.4/bbl premium to the Oman-Dubai average compared to a discount of $0.5/bbl for October according to Bloomberg.
  • A ship in the Red Sea near Eritrea was damaged after being hit by an unknown projectile, the UKMTO reported.
  • Better China related asset sentiment has likely helped oil at the margins today. Today the PBoC opened applications for a swap facility that is aimed at supporting local equity markets. This comes ahead of Saturday's fiscal briefing from the MoF.