The prices of Petroleum rose this Tuesday after the attack Israel to Ráfah, in Loop, while negotiations for a ceasefire with Hamas.
Brent crude futures added 23 cents, or 0.28%, to $83.56 a barrel in early morning trading, while U.S. crude futures West Texas Intermediate (WTI) They advanced 24 cents, or 0.31%, to $78.72 per barrel.
“The prices of Petroleum “opened higher this morning, with some deadlocks in ceasefire talks between Israel and Hamas, leading market players to anticipate that geopolitical tensions could drag on for longer,” he said. Yeap Jun Rong, IG market strategist. Market players will be awaiting upcoming data on crude oil inventories in the United States, Yeap added.
Inventories of U.S. crude and products were expected to have fallen last week, a preliminary Reuters poll showed on Monday. Crude inventories could have fallen by an average of 1.2 million barrels in the week to May 3, according to analysts’ forecasts.
The prices of Petroleum They appreciated on Monday, partially reversing last week’s declines. Both contracts posted the biggest weekly losses in three months, as the market focused on weak U.S. jobs data. USA and at the possible moment of a cut in interest rates of the Federal Reserve.
Meanwhile, the strength of dollar It limited the gains of oil futures, as it makes crude more expensive for traders with other currencies. He dollar index which measures the price of the greenback against six major currencies, appreciated to 105.18 in the early morning.
Tension continues in the Middle East
Hamas accepted on Monday a ceasefire proposal in Loop of the mediators, but Israel said the terms did not meet its demands and went ahead with attacks in Rafah while planning to continue negotiations on a deal.
Israeli forces attacked Rafah, in the southern tip of Gaza, from the air and by ground, and ordered residents to leave parts of the city, which has been a refuge for more than a million displaced Palestinians.
The lack of agreement between the parties in the conflict, which has lasted seven months, has supported the rise in oil prices. Petroleum, as investors fear that the regional escalation of the war will disrupt crude oil supplies from middle East.
The decision of Saudi Arabia to increase in June the official sales prices of the crude oil that it sells Asia, the northwest of Europe and the Mediterranean It has also contributed to the rise in prices, predicting strong demand this summer.
The world’s main exporter raised the price of its Arab light crude oil to Asia to $2.90 a barrel above the average Oman/Dubai in June, the highest since January and the highest of traders’ expectations, according to a Reuters poll.
Source: Ambito
