Oil prices close higher amid focus on the Middle East
Oil traders are also weighing the impact of China’s stimulus measures on fuel demand and the tightening global supply-demand balance.
On Tuesday, oil prices rose for the second consecutive session, as traders downplayed hopes for a ceasefire in the Middle East and shifted their attention to the tightening dynamics of global supply and demand.
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Brent crude futures for December delivery climbed $1.75, or 2.36%, to $76.04 per barrel. Meanwhile, West Texas Intermediate (WTI) futures for November delivery—set to expire after Tuesday’s session—rose $1.53, or 2.17%, to $72.09 per barrel.
U.S. Secretary of State Antony Blinken met with Israeli Prime Minister Benjamin Netanyahu, marking Washington’s latest push for a ceasefire since Israel killed a Hamas leader last week. The U.S. hopes this effort could open a path toward peace.
However, oil traders remain skeptical that this attempt differs from Blinken’s previous 11 visits to the region since the Gaza conflict erupted last year, said Bob Yawger, director of energy futures at Mizuho.
So far, Israel has shown no signs of easing its military operations in Gaza and Lebanon, while Hezbollah, an Iranian-backed militia, has ruled out negotiations as long as fighting with Israel continues.
At the same time, traders are considering the potential boost to fuel demand from China’s recent economic stimulus measures. Both Brent and WTI rose nearly 2% on Monday, recovering some losses from the previous week’s 7% decline. The rebound followed Beijing’s move to cut key interest rates in an attempt to revive its slowing economy.
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