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OIL: Prices Edge Higher on Middle East Tensions.

OIL
BulletEnergy BulletsCommodities
  • Oil Prices arrested their decline to move higher in the Asia morning session.
  • Oil prices reacted to data on inventory levels in the US as the API reported US crude inventories decreased 1.6 million bbl last week.   
  • Stockpiles in independent storage fell in Europe's Amsterdam-Rotterdam-Antwerp oil-trading hub also, according to Insights Global. 
  • WTI dipped initially, breaching a key technical level of US$70 to reach $69.44 before rebounding back in the Asia aternoon session at $70.85.
  • The rebound wasn’t enough to see WTI down over 6% for the week.
  • Brent too dipped on the news to US$73.26 before recovering into the afternoon to $74.65.
  • Brent declined for the week losing 5.5%.
  • Middle East tensions remain in focus with news Israel soldiers killed Hamas leader Yahya Sinwar, considered the architect of the October 7 attack.
  • The news likely will increase US pressure on Israel to cease military activities in the Gaza strip, a move so far ignored by the Prime Minister Netanyahu.
  • Israel had claimed earlier in the week that any potential attacks against Iran would not be targeting Oil infrastructure, rather the focus being on military targets.
  • JPMorgan released a research note suggesting that the global economy is no where near peak demand for oil and their research suggests consumption will increase, though the demand curve is flattening.
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  • Oil Prices arrested their decline to move higher in the Asia morning session.
  • Oil prices reacted to data on inventory levels in the US as the API reported US crude inventories decreased 1.6 million bbl last week.   
  • Stockpiles in independent storage fell in Europe's Amsterdam-Rotterdam-Antwerp oil-trading hub also, according to Insights Global. 
  • WTI dipped initially, breaching a key technical level of US$70 to reach $69.44 before rebounding back in the Asia aternoon session at $70.85.
  • The rebound wasn’t enough to see WTI down over 6% for the week.
  • Brent too dipped on the news to US$73.26 before recovering into the afternoon to $74.65.
  • Brent declined for the week losing 5.5%.
  • Middle East tensions remain in focus with news Israel soldiers killed Hamas leader Yahya Sinwar, considered the architect of the October 7 attack.
  • The news likely will increase US pressure on Israel to cease military activities in the Gaza strip, a move so far ignored by the Prime Minister Netanyahu.
  • Israel had claimed earlier in the week that any potential attacks against Iran would not be targeting Oil infrastructure, rather the focus being on military targets.
  • JPMorgan released a research note suggesting that the global economy is no where near peak demand for oil and their research suggests consumption will increase, though the demand curve is flattening.