Oil continues to fall in price amid the threat of an escalation of the conflict in the Middle East
[ad_1]
Despite the escalation of the conflict in the Middle East, the price of Brent oil continued to decrease to 89.27 dollars per barrel.
About this informs Enkorr.
It is noted that prices for December Brent futures on the London ICE Futures exchange fell by $1.21 (1.34%), to $89.27 per barrel. Instead, at the end of last week, Brent rose by $2.55 (2.9%) to $90.48 per barrel.
In addition, December futures on WTI fell by $1.3 (1.52%) to $84.24 per barrel at this time on the New York Mercantile Exchange NYMEX. During the previous session, the price of the contract rose by $2.33 (2.8%), to $85.54 per barrel.
In general, according to the results of last week, Brent fell in price by 1.8%, WTI – by 2.9%.
According to SPI Asset Management managing director Stephen Innes, the price of oil is falling as Israel approaches the situation with caution, which gives hope that the worst-case scenario of the conflict does not materialize.
“Prime Minister of Israel Benjamin Netanyahu announced over the weekend that a decision was made to proceed to the second stage of the operation against Hamas, which will involve more military personnel directly in the Gaza Strip. Previously, the Israel Defense Forces conducted several raids in the sector,” the message reads. .
It is added that investors are most worried about the possibility of Iran’s direct intervention in the conflict between Israel and Hamas, since new sanctions against Iranian oil could lead to a reduction in the supply of raw materials on the market by 1 million barrels per day.
We will remind:
International Energy Agency (IEA) predictsthat global demand for oil, natural gas and coal will peak by 2030, thanks in part to policies countries have already adopted to promote cleaner energy and transportation.
[ad_2]
Original Source Link
