Oil Prices Rise for Fifth Session amidst Mideast Tensions
Oil prices rose for a fifth consecutive session on Monday, extending gains from the previous week’s more than 3 per cent rise, as US recession fears eased while geopolitical tensions in the Middle East supported prices.
Brent crude futures were up 73 cents, or 0.9 per cent, to $80.39 a barrel by 0812 GMT, while US West Texas Intermediate crude futures rose 88 cents, or 1.2 per cent, to $77.72.
“Support is coming from last week’s better-than-expected US data which eased fears of a US recession,” IG markets analyst Tony Sycamore said.
Iran and Hezbollah have vowed to retaliate for the assassinations of Hamas leader Ismail Haniyeh and Hezbollah military commander Fuad Shukr.
“The market is still waiting for Iran’s response,” ING’s head of commodities research Warren Patterson said.
Brent gained 3.7 per cent last week, while WTI rose by 4.5 per cent, buoyed by economic data and increased hopes of a US interest rate cut.
Three US central bankers said last week that inflation appeared to be cooling enough for the Federal Reserve to cut interest rates as soon as next month.
China’s consumer prices rose faster than expected in July, and US weekly jobless claims fell more than expected last week.
On Monday, Russia evacuated civilians from parts of a second region next to Ukraine after Kyiv increased military activity near the border just days after its biggest incursion into sovereign Russian territory since the start of the 2022 war.
Source: Reuters
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