Oil prices snapped a three-session losing streak yesterday as tensions in the Middle East continued to fuel supply concerns this session.
The oil prices bounced strongly from multi-month lows this Wednesday, August 7, due to the concern that the escalation of the conflict in the Middle East could affect production, although concerns remain about weak demand for crude oil.
The futures of the West Texas Intermediate crude oil in the United States (WTI) climb 3% to $75.38 a barrel, while the Brent rose 2.7% to $78.55 a barrel.
Brent futures fell on Monday to their lowest level since early January and WTI futures hit their lowest since February.as the situation worsens global stock markets crash due to concerns about a possible recession in the United States following weak employment data.
Has oil found a bottom?
Oil prices are finding a floor as concerns mount that Iran, a major Middle Eastern producermay retaliate against Israel and USA Following the murder of a leader of Hamas in Tehran and an Israeli attack that killed a commander Hezbollah in Lebanonwhich could lead to a wider regional war.
Both benchmark oil indices snapped a three-session losing streak on Tuesday, as tensions in the Middle East continued to fuel supply concerns on Wednesday.
“It remains to be seen whether the turnaround in risk asset prices will be a mere bottom before the sell-off continues or whether investors have taken the time to fully assess the medium-term implications of the US jobs data,” he said. Tamas Vargafrom the PVM brokerage.
The U.S. Energy Information Administration will release weekly inventory data.
Supporting the bearish demand view, Chinese trade data showed daily crude oil imports in July fell to their lowest level since September 2022.
Source: Ambito
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