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OIL: Oil Markets Find Further Strength

OIL
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Oil markets find further strength hitting another intraday high as volatility remains on Middle East escalations. The current move does not appear to be headline related, instead extending earlier bullish momentum. 

  • Brent DEC 24 up 2.3% at 78.33$/bbl
  • WTI NOV 24 up 2.2% at 74.86$/bbl
  • Reuters reported earlier: "Gulf states are lobbying Washington to stop Israel from attacking Iran's oil sites because they are concerned their own oil facilities could come under fire from Tehran's proxies if the conflict escalates."
  • CNN reports that Israel's security cabinet will vote Thursday on its response to Iran leaving markets reactive to any signs of a response. 
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Oil markets find further strength hitting another intraday high as volatility remains on Middle East escalations. The current move does not appear to be headline related, instead extending earlier bullish momentum. 

  • Brent DEC 24 up 2.3% at 78.33$/bbl
  • WTI NOV 24 up 2.2% at 74.86$/bbl
  • Reuters reported earlier: "Gulf states are lobbying Washington to stop Israel from attacking Iran's oil sites because they are concerned their own oil facilities could come under fire from Tehran's proxies if the conflict escalates."
  • CNN reports that Israel's security cabinet will vote Thursday on its response to Iran leaving markets reactive to any signs of a response.