Initially, oil prices surged to a weekly high due to tensions in the Middle East, but soaring crude and gasoline inventories point at weaker fundamentals in the U.S.
December West Texas Intermediate WTI crude oil futures experienced a volatile week, with prices swaying due to geopolitical tensions and shifts in supply and demand metrics. The market started the week strong, driven by concerns of supply disruptions following the terrorist attacks by Hamas on Israel. However, the bullish sentiment quickly faded. Israel-Hamas Conflict and Oil Supply Initially, oil prices surged to a weekly high of $85.
countries. ’s Role Adding to the complexities of the market, and Russia reaffirmed their commitment to coordination for oil market predictability. Russian President Vladimir Putin stated that coordination would continue, implying more organized and less unpredictable moves in oil production levels. U.S. Market Indicators Stateside, concerns about economic growth and inflation have made traders wary. U.S. producer prices rose more than expected in September, but core inflation remained relatively stable. The latest minutes from the Federal Reserve’s September policy meeting reveal that uncertainty around the path of the U.S. economy has put officials in a cautious stance.
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