2024-05-07 07:00:00
OIL PRICE: BRENT BELOW $84, WTI NEAR $79
REUTERS - May 7, 2024 - Oil prices edged higher on Tuesday after Israel struck Rafah in Gaza, while negotiations for a ceasefire with Hamas continued without resolution.
Brent crude futures were up 23 cents, or 0.28%, at $83.56 per barrel at 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.31%, to $78.72 a barrel.
"Oil prices opened up this morning, with some roadblocks in the ceasefire talks between Israel and Hamas leading market participants to price for geopolitical tensions to potentially drag for longer," said Yeap Jun Rong, market strategist at IG.
Market participants will be looking ahead to upcoming U.S. crude inventories data releases, Yeap added.
U.S. crude oil and product stockpiles were expected to have fallen last week, a preliminary Reuters poll showed on Monday. The crude inventories could have on average fallen by about 1.2 million barrels in the week to May 3, based on analyst forecasts.
Oil prices had settled higher on Monday, partially reversing last week's declines. Both contracts had posted the steepest weekly losses in three months as the market focused on weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut.
Palestinian militant group Hamas on Monday agreed to a Gaza ceasefire proposal from mediators, but Israel said the terms did not meet its demands and pressed ahead with strikes in Rafah while planning to continue negotiations on a deal.
Israeli forces struck Rafah on Gaza's southern edge from the air and ground and ordered residents to leave parts of the city, which has been a refuge for more than 1 million displaced Palestinians.
A lack of settlement between the parties in the now seven-month long conflict has supported oil prices, as investors worry regional escalation of the war will disrupt Middle Eastern crude supplies.
Saudi Arabia's move to raise the official selling prices for its crude sold to Asia, Northwest Europe and the Mediterranean in June also supported prices, signalling expectations of strong demand this summer.
The world's top exporter hiked its flagship Arab Light crude oil price to Asia to $2.90 a barrel above the Oman/Dubai average in June, the highest since January.
Meanwhile, a stronger dollar capped gains in oil futures as it makes crude more expensive for traders holding other currencies. The dollar index (.DXY), opens new tab, which measures the greenback against six major peers, rose to 105.18 at 0400 GMT.
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Earlier:
2024, May, 6, 07:00:00
OIL PRICE: BRENT ABOVE $83, WTI ABOVE $78
Brent climbed 28 cents, or 0.3%, to $83.24 a barrel , WTI were at $78.40 a barrel, up 29 cents, or 0.4%.
2024, May, 3, 07:00:00
OIL PRICE: BRENT NEAR $84, WTI ABOVE $79
Brent rose 16 cents to $83.83 a barrel, WTI rwas up 19 cents to $79.14 per barrel.
2024, May, 3, 06:55:00
RUSSIAN OIL FOR INDIA ANEW
The acceptance of Sovcomflot tanker by the country’s largest refiner carries significance as it could embolden other smaller refiners to also use the Sovcomflot vessels for their oil purchases from Russia.
2024, April, 26, 07:00:00
OIL PRICE: BRENT ABOVE $89, WTI ABOVE $83
Brent gained 31 cents, or 0.4%, to $89.32 a barrel, WTI rose by 23 cents, or 0.3%, to $83.80 a barrel.
2024, April, 26, 06:55:00
РОСТ МИРОВОЙ ЭКОНОМИКИ
В ходе заседания было отмечено, что мировая экономика демонстрирует рост, но он сегментирован, а основной вклад в глобальный рост обеспечивают страны с формирующимися рынками, проводящие ответственную макроэкономическую политику.
2024, April, 26, 06:40:00
EUROPEAN ENERGY UNCERTAINTY
Worries include uncertainty over remaining Russian flows through Ukraine and rebounding gas demand in Asia. A colder-than-normal winter spurring consumption at home is also seen as more likely after two consecutive mild ones.
2024, April, 26, 06:35:00
EUROPEAN ELECTRICITY PRICES UP
The capacity for transmitting electricity to Belgium, Germany, Switzerland and Italy has been reduced since early March, according to French power-grid operator RTE. That’s depriving those nations of exports of cheaper French nuclear power and boosting wholesale prices across the region.
