Oil prices rose in trading today, Tuesday, with the escalation of tension in the Middle East, in light of the continuation of the Israeli military operation in Lebanon, and despite concerns about the abundance of supplies.
US West Texas Intermediate crude futures rose by 0.18% to $68.29 per barrel, while Brent crude futures rose by 0.17% to $71.82 per barrel.
The rise in black gold prices came despite market fears of an abundance of crude supply.
During last September, oil prices recorded monthly losses of 6.7% for Brent crude and 6.15% for American crude.
In addition to the weakness of Chinese demand for black gold as a result of unfavorable conditions that hinder the recovery of the world’s second largest economy in the post-pandemic phase.
But the geopolitical tensions that have been ongoing for nearly a year in the Middle East have provided some support for oil prices as the war extends to Lebanon and Yemen.
On another level, the US Department of Energy said yesterday, Monday, that it had purchased 6 million barrels of crude oil for delivery in May 2025 for the strategic reserve.
She explained that the purchased quantity included two million barrels obtained from Shell, 3.5 million barrels from Exxon Mobil, and half a million from Macquarie Commodities Trading, at a total cost of $411 million.
In a related context, gold prices rose in trading today, Tuesday, with the escalation of unrest in the Middle East, and the markets awaited American economic data.
Gold futures contracts for next December rose by 0.18% to $2,664.20 per ounce, while spot contracts rose by 0.37% to $2,644.33 per ounce.
During the month of last September (2024), the prices of resonant yellow rose by 5.7%, as they were at the beginning of last month at $2527.6 per ounce.
Last Thursday, gold prices reached a historic level, exceeding $2,700 per ounce.
Last updated: October 1, 2024 – 11:14
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2024-10-01 17:17:31