An Hour Ago
Oil prices ease as investors assess impact of Israel-Hamas war
Oil prices are expected to increase in the second half of 2023, according to the International Energy Forum.
Christopher Furlong | Getty Images News | Getty Images
Oil prices eased in early Asia trade on Monday, reversing last Friday’s rally as investors waited to see if the Israel-Hamas conflict draws in other countries, which could drive up prices further and deal a fresh blow to the global economy.
Brent futures fell 36 cents, or 0.4%, to $90.53 per barrel and U.S. West Texas Intermediate (WTI) crude dropped 37 cents, or 0.4%, to $87.32 a barrel by 2215 GMT on Sunday.
Both benchmarks rose nearly 6% on Friday, posting their highest daily percentage gains since April, as investors priced in the possibility of a wider Middle East conflict.
Brent also recorded a weekly gain of 7.5%, its biggest such increase since February. WTI climbed 5.9% for the week.
The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a big producer.
But investors and market observers are assessing how the conflict could escalate and what it might mean for supplies from nearby countries in the world’s top oil-producing region.
— Reuters
2 Hours Ago
Stock futures edge higher as investors brace for a busy earnings week and new developments in the Middle East
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, September 28, 2023.
Brendan McDermid | Reuters
