Crude Oil Advances With Middle East Risks and China in Focus
Oil climbed after slumping by more than 4% on Tuesday — as Israel said it would make its own decision on how to attack Iran, keeping open the possibility that energy infrastructure may be targeted.
West Texas Intermediate rose above $71 a barrel, after sinking in the prior session after a report that Israel had agreed to avoid oil facilities in its planned response to Tehran’s recent missile strike. Benchmark Brent settled near $74. On Tuesday, Israeli Prime Minister Benjamin Netanyahu asserted that the country is free to act as it chooses in a counter-strike.
Crude has had a roller-coaster ride this month, with prices buffeted by tensions in the Middle East, as well as China’s efforts to revive growth in the world’s largest importer. Traders have also been weighing the market’s outlook into next year, with the International Energy Agency flagging prospects for a global glut.
WTI for November delivery gained 0.7% to $71.09 barrel at 7:34 a.m. in Singapore.
Brent for December settlement dropped 4.1% to close at $74.25 a barrel on Tuesday.
Source : Bloomberg
