Oil Steadies With Middle East Tensions and US Election in Focus

Posted by Admin November 4, 2024 Bussiness

(Bloomberg) — Oil steadied after jumping almost 3% on Monday on heightened tensions in the Middle East and OPEC+’s decision to delay restoring barrels to the market.

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West Texas Intermediate traded near $72 a barrel after rising the most in more than three weeks in the previous session, while Brent closed above $75. Traders are on edge after Iran’s supreme leader warned over the weekend of a “crushing response” to the country’s enemies, escalating his rhetoric after taking a more measured tone earlier.

The US crude benchmark has lost about 12% since the end of June on disappointing Chinese demand and surging supply from the Americas, particularly the US, prompting the OPEC+ alliance to push back its plan to restore production. The market is also jumpy ahead of the presidential election, which remains too close to call.

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