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Oil Prices Gain Ground on Supply Risks

OIL

Crude prices are ticking back to start of the week levels, which were prompted by Middle East instability before selling off mid-week as US intelligence headlines suggested a lack of Iranian knowledge in the Israel attacks.

  • Uncertainty from the potential spillover still remains uncertain at present.
  • Supply side issues remain the focus of the market as Russia and Saudi remain intent on maintaining cuts until the end of the year.
  • The US enforced stronger sanctions against two vessels this week found to be in breach of the G7 $60/bbl cap on Russian oil. It appears to be more of a symbolic gesture at present due to the number of vessels still breaching sanctions nut adds another element of supply side risk.
  • Brent DEC 23 up 2.6% at 88.21$/bbl
  • WTI NOV 23 up 2.7% at 85.15$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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