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MNI JAPAN NOV JOBLESS RATE AT 2.5%, UNCHANGED FROM OCT

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OIL: Rumours of an Attack by Iran Driving Oil Markets.

OIL
BulletEnergy BulletsCommodities
  • Rumours are circulating of a potential attack by Iran on Israel following on from Israel’s attack on Iran’s military targets.
  • News from last weekend's attacks initially calmed oil markets as fears were held as to the potential interruption from oil supply.
  • The primary concern as to the rumours circulating is that Iran is planning the attack via Iraq based militia groups they support.
  • This would potentially open up Iraq as a target for Israel and as a major OPEC producer, could have implications for the production and supply to global oil.
  • News of the potential attack took WTI from US$69.10 through $70.50 where it has hovered since.
  • Brent’s ascent has been far more gradual having touched US$72.25 it has progressively moved higher to $73.15.
  • At a time when the Middle East tensions are adding volatility to oil prices, US production is steadily ramping up.
  • US oil production hit a monthly record of 13.4 million barrels in August, driven by a rapid expansion of production in Texas. 
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  • Rumours are circulating of a potential attack by Iran on Israel following on from Israel’s attack on Iran’s military targets.
  • News from last weekend's attacks initially calmed oil markets as fears were held as to the potential interruption from oil supply.
  • The primary concern as to the rumours circulating is that Iran is planning the attack via Iraq based militia groups they support.
  • This would potentially open up Iraq as a target for Israel and as a major OPEC producer, could have implications for the production and supply to global oil.
  • News of the potential attack took WTI from US$69.10 through $70.50 where it has hovered since.
  • Brent’s ascent has been far more gradual having touched US$72.25 it has progressively moved higher to $73.15.
  • At a time when the Middle East tensions are adding volatility to oil prices, US production is steadily ramping up.
  • US oil production hit a monthly record of 13.4 million barrels in August, driven by a rapid expansion of production in Texas.