According to the opinion of 40 analysts who participated in the US agency’s monthly survey, the price of oil could reach $115 per barrel if the conflict between Hamas and Israel expands regionally.
If this situation does not materialize, analysts predict that the price of a barrel of oil could exceed $100 and possibly reach $115, especially if a conflict impacts supply and reduces supply globally.
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The barrel of Petroleum is experiencing an increase in international markets New York and London this Thursday.
West Texas Intermediate (WTI) crude oil, which is listed on the New York futures market (Nymex), advances 1.6%, reaching a price of US$81.53 per barrel in contracts with delivery in December. Simultaneously, the Brent oil of the North Sea, which operates in the London electronic market (ICE), shows an increase of 1.2%, with a barrel valued at US$485.67 in contracts scheduled for January, according to the Bloomberg agency.
However, the Organization of the Petroleum Exporting Countries (OPEC) reported that its crude oil basket closed at $88.56 per barrel on Wednesday, compared to $90.06 the previous day, representing a decrease of 1.67%.
During the month of October, Oil prices experienced a drop of 11% and reached minimums in the last two months. This is because markets show less concern about possible supply disruptions related to the conflict in the Middle East and by data indicating an increase in production, both by OPEC and the United States.
Oil: the impact of war
However, there is a possibility of a change in this downward trend If the tension caused by the conflict between Israel and Hamas persistsaccording to experts consulted by ‘Reuters’.
According to the opinion of 40 analysts who participated in the US agency’s monthly survey, The price of oil could reach $115 per barrel if the conflict between Hamas and Israel expands regionally.
Throughout the year, the average price of Brent crude oil has remained around $482.60 per barrel, but it is estimated that this figure could increase to $86.82. However, This stability is conditional on the escalation of tensions between Israel and Hamas is controlled and does not directly involve more regional actors, as indicated by the experts consulted.
In the event that this situation does not materialize, lAnalysts predict that the price of a barrel of oil could exceed $100 and possibly reach $115, especially if a conflict impacts supply and reduces supply globally.
Warren Patterson and Ewa Manthey, analysts at ING bank, have highlighted that the most imminent threat lies in a possible decrease in Iran’s oil exports, in case the United States reinforces the application of sanctions.
Source: Ambito
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