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Crude Oil gets pumped on Monday with markets betting on a further escalation in the Middle East
The post Crude Oil gets pumped on Monday with markets betting on a further escalation in the Middle East appeared on BitcoinEthereumNews.com. Crude Oil rallies 2% on Monday with Biden administration verbally pushing back on targeting Iranian oil fields. Markets are pricing in even more risk premium, while Israel performs more on the ground operations in Lebanon. The US Dollar Index steadies near recent highs ahead of a Fed-packed Monday. Crude Oil rallies again for a fifth straight day on Monday after Israel got a red light on its request to bomb Iranian oil fields. United States (US) President Joe Biden said on Friday that it was under consideration, suggesting that other targets should be looked for instead. With no headlines that the Biden administration has given the green light, it looks like Israel will revert to other actions, which adds to even more uncertainty. The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is trading broadly flat on Monday. All eyes will be on the September’s US Consumer Price Index (CPI) release later this week. In the run-up to those numbers, markets will hear from no less than four Fed officials this Monday. At the time of writing, Crude Oil (WTI) trades at $75.65 and Brent Crude at $79.45 Oil news and market movers: Libyan output swings higher With the political impasse out of the way in Libya, exports are soaring above 1 million barrels per day in output, Reuters reports. Oil production is suspended at Kashagan’s major Gas and Oil field due to the start of scheduled overhaul, the Kazakhstan Ministry of Energy confirms to Interfax. A Goldman Sachs note from head analyst Daan Struyven sees Brent hit $90 when Iranian exports would be disrupted, Bloomberg reports. Tension in the Middle East remained elevated with over the weekend Israel sending in troops in northern Gaza, while aerial attacks and ground maneuvres in Lebanon were taking…
The post Crude Oil gets pumped on Monday with markets betting on a further escalation in the Middle East appeared on BitcoinEthereumNews.com.
Crude Oil rallies 2% on Monday with Biden administration verbally pushing back on targeting Iranian oil fields. Markets are pricing in even more risk premium, while Israel performs more on the ground operations in Lebanon. The US Dollar Index steadies near recent highs ahead of a Fed-packed Monday. Crude Oil rallies again for a fifth straight day on Monday after Israel got a red light on its request to bomb Iranian oil fields. United States (US) President Joe Biden said on Friday that it was under consideration, suggesting that other targets should be looked for instead. With no headlines that the Biden administration has given the green light, it looks like Israel will revert to other actions, which adds to even more uncertainty. The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is trading broadly flat on Monday. All eyes will be on the September’s US Consumer Price Index (CPI) release later this week. In the run-up to those numbers, markets will hear from no less than four Fed officials this Monday. At the time of writing, Crude Oil (WTI) trades at $75.65 and Brent Crude at $79.45 Oil news and market movers: Libyan output swings higher With the political impasse out of the way in Libya, exports are soaring above 1 million barrels per day in output, Reuters reports. Oil production is suspended at Kashagan’s major Gas and Oil field due to the start of scheduled overhaul, the Kazakhstan Ministry of Energy confirms to Interfax. A Goldman Sachs note from head analyst Daan Struyven sees Brent hit $90 when Iranian exports would be disrupted, Bloomberg reports. Tension in the Middle East remained elevated with over the weekend Israel sending in troops in northern Gaza, while aerial attacks and ground maneuvres in Lebanon were taking…
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