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OIL: Oil End of Day: Middle East Escalations Struggle to Support Oil

OIL
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Oil struggled for direction on Monday as bullish Middle East drivers have failed to hold up against a weak backdrop for oil. 

  • Brent Dec 24 up 0.1% at 71.60$/bbl
  • WTI NOV 24 up 0.1% at 68.25$/bbl
  • Oil markets started strong on Monday after further Israel attacks on Hezbollah and Hamas over the weekend but failed to hold up.
  • Signs of an imminent Israeli ground invasion into Lebanon proved supportive later in the session but has again failed to hold as markets asses no direct impact for oil flows yet.
  • Crude is down around 16% this quarter, hit by the prospect of weak demand and production increases from both OPEC and non-member nations.
  • China stimulus measures have also had little impact on oil with no clear direction how it will transpire for demand.
  • Libyan oil fields that were halted or curtailed by an eastern government ban this month are expected to start restoring output on Tuesday according to a handful of reports adding physical barrels back on the marker.
  • Black Sea CPC Blend oil has firmed to 7-year record premium against dated Brent due to a fall in October supply because of Kashagan maintenance traders said to Reuters.
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Oil struggled for direction on Monday as bullish Middle East drivers have failed to hold up against a weak backdrop for oil. 

  • Brent Dec 24 up 0.1% at 71.60$/bbl
  • WTI NOV 24 up 0.1% at 68.25$/bbl
  • Oil markets started strong on Monday after further Israel attacks on Hezbollah and Hamas over the weekend but failed to hold up.
  • Signs of an imminent Israeli ground invasion into Lebanon proved supportive later in the session but has again failed to hold as markets asses no direct impact for oil flows yet.
  • Crude is down around 16% this quarter, hit by the prospect of weak demand and production increases from both OPEC and non-member nations.
  • China stimulus measures have also had little impact on oil with no clear direction how it will transpire for demand.
  • Libyan oil fields that were halted or curtailed by an eastern government ban this month are expected to start restoring output on Tuesday according to a handful of reports adding physical barrels back on the marker.
  • Black Sea CPC Blend oil has firmed to 7-year record premium against dated Brent due to a fall in October supply because of Kashagan maintenance traders said to Reuters.