Oil Ends Rocky Month Falling Below $82
by Bloomberg | Julia Fanzeres, Alex Longley and Jordan Fitzgerald
click here to read this article at Rigzone.com via Bloomberg
*this article was not written by Roseland Oil & Gas
Oil slid near its lowest price in a month as the potential for a cease-fire in the Middle East eased geopolitical tensions.
West Texas Intermediate settled below $82 a barrel, testing its 50-day moving average of about $81.80. The level has provided technical support for prices, and a decisive drop below it may accelerate selling. Earlier, oil was pressured by a potential agreement between Israel and Hamas to release hostages, a move that may de-escalate conflict in the region.
Meanwhile, continued signs of elevated inflation — including an acceleration in a broad gauge of US labor costs — are weighing on the outlook for crude demand. Economic data in Europe showed the region exited recession, but inflation has also proved sticky.
Crude endured a rocky April after surging to the highest since October following Iran’s unprecedented attack on Israel. While OPEC+ supply curbs are also bolstering prices, uncertainty over US monetary policy and softness in some fuel markets like diesel are adding headwinds.
US Secretary of State Antony Blinken, in an ongoing visit to the Middle East, urged leaders of the Hamas militant group — designated a terrorist organization by the US and the European Union — to quickly reach a decision on Israeli conditions for a cease-fire.
Prices:
- WTI for June fell 0.8% to settle at $81.93 a barrel in New York.
- Brent for July dropped 1% to $86.33 a barrel.
by Bloomberg | Julia Fanzeres, Alex Longley and Jordan Fitzgerald
click here to read this article at Rigzone.com via Bloomberg
*this article was not written by Roseland Oil & Gas