Fears of an escalation in the Middle East conflict following the assassination of a Hamas leader in Tehran and the Israeli attack that killed a Hezbollah commander in Lebanon.
Oil rebounds amid fears of escalating war in the Middle East.
PAE
The crude oil prices erased previous lows on a volatile day this Tuesday, August 6, as the fears of an escalation in the Middle East war and one Production at Libya’s largest oilfield plummetsSharara, raised the prospect of a supply shortage.
The futures of the West Texas Intermediate (WTI) crude oil in the United States wins 1% to 73.65 dollars a barrel, while the Bren scale 0.8% to 76.89 Dollars.
Oil rebounds on fears of escalation in Middle East war
Crude oil prices are finding a bottom as concerns mount that Iranone of the main producers of middle Eastcan take retaliation against Israel and the United States Following the murder of a leader of Hamas in Tehran and an Israeli strike that killed a Hezbollah commander in Lebanonwhich could lead to a wider regional war.
“Fears of a slowdown in the US and weak growth in China look set to weigh heavily on prices, and the increase in OPEC+ production from the fourth quarter adds another headwind that will prevent prices from recovering in the near term,” he said. Ashley Keltyanalyst at Panmure Liberum.
On the eve, both benchmarks fell by almost a 1%, as concerns about a recession in the United States sank global stock markets.
The decline in production at the Libyan Sharara field, 300,000 barrels per day, further boosted pricesProduction at this field, one of the largest in the country, has fallen by around 20% due to the protests.
Source: Ambito
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