Oil prices surge amid Middle East turmoil

2024-01-04
Summary:

Oil prices surged Thursday, driven by supply concerns amid disruptions in Libya and heightened Israel-Gaza war tension, extending a strong rally.

Oil prices rose in early trade on Thursday, extending its strong rally on concerns about Middle Eastern supply following disruptions at a field in Libya and heightened tension around the Israel-Gaza war.

Both benchmarks rose by around 3% to settle higher for the for the first time in five days on Wednesday. The ongoing Israel-Hamas war which was largely shrugged off by trader at the end of last year has begun to support oil prices anew.


On Wednesday, local protests forced a full shutdown of production at one of Libya's largest oilfields. Elsewhere nearly 100 people were killed in blasts at an event to commemorate commander Qassem Soleimani in Iran.


Data from the API showed US crude stocks fell by 7.4 million barrels in the week ended 29 Dec, doubling the drawdown that analysts polled by Reuters had expected.


OPEC said that cooperation and dialogue within the wider OPEC+ producer alliance will continue and, according to three sources, it plans to hold a meeting of JMMC in early Feb.


Analysts surveyed in the latest Reuters poll predicted international oil prices may stay near $80 in 2024 as subdued demand was expected to outweigh supply jitters amid geopolitical tensions.

XBRUSD

Brent crude remains well below its 200 SMA which will likely cap further rally going forward. For now, it exhibits a slight bullish bias after finding big support from the $75 area.


Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
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EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
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