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Oil prices rose for the fifth straight session today. They were helped by tensions in the Middle East that have raised concerns about supply. The latest statistics from the United States also eased concerns that the country could be in a recession.
At around 16:40 CEST, Brent crude oil from the North Sea rose 1.2% to sell at $80.59 per barrel. Meanwhile, U.S. light crude WTI rose 1.5% to $78.01 per barrel last week, with Brent up 3.7% and WTI up 4.5%. This was helped by stronger economic data and hopes for a U.S. interest rate cut.
“Support came from better-than-expected U.S. statistics last week, easing fears of a U.S. recession.” said IG analyst Tony Sycamore. “There is also great concern about when Iran will retaliate against Israel for the assassinations of key Hamas and Hezbollah representatives. It seems to be a matter of when, not if.”He added.
Iran and Hezbollah vowed to retaliate for the assassination attempt carried out by Israel. In addition, an Israeli airstrike on a school campus in the Gaza Strip on Saturday killed at least 90 people, according to civilian aid agencies, and the Hamas terror movement on Sunday questioned its participation in new ceasefire talks.
However, rising prices are undermining the new demand outlook for the Organization of the Petroleum Exporting Countries (OPEC). The oil cartel today cut its growth forecast for this year. He attributed this to weaker developments in the global oil market in the first half of the year and a worse outlook for Chinese oil demand than he expected. Reuters writes that OPEC also cut its outlook for next year.
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