Crude Oil Heading Towards 82 Dollar
U.S. crude oil topped rallied Monday to top $80 per barrel as the Pentagon dispatched more forces to the Middle East in anticipation of an Iranian attack on Israel.
U.S. crude oil is trading higher even as OPEC lowered its global demand growth forecast by 135,000 barrels per day, citing softening consumption in China.
"The oil markets reacted strongly to the increased geopolitical risk even as OPEC has shown some concern about its demand growth," said Phil Flynn, senior market analyst at the Price Futures Group, though he said the market is still on track for a deficit as inventories fall.
U.S. crude oil finished last week more than 4% higher, snapping a 4-week decline, as the stock market recovered most of its losses from a flash sell-off caused by mounting fear of a recession and after the Bank of Japan lifted interest rates a fraction.
U.S. crude oil is trading higher even as OPEC lowered its global demand growth forecast by 135,000 barrels per day, citing softening consumption in China.
"The oil markets reacted strongly to the increased geopolitical risk even as OPEC has shown some concern about its demand growth," said Phil Flynn, senior market analyst at the Price Futures Group, though he said the market is still on track for a deficit as inventories fall.
U.S. crude oil finished last week more than 4% higher, snapping a 4-week decline, as the stock market recovered most of its losses from a flash sell-off caused by mounting fear of a recession and after the Bank of Japan lifted interest rates a fraction.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.