U.S. oil pulls back below $83 as more crude shipments arrive after delays due to Red Sea disruption
Publishing timestamp: 2024-04-24 12:22:24
Summary
The oil market is somewhat bearish at the moment with global oil inventories rising. U.S. Senate passed a foreign aid package that would expand sanctions against Iranian oil, but President Joe Biden is unlikely to enforce them. U.S. crude oil prices are hovering below $83 a barrel, with traders focusing on supply and demand fundamentals. The threat of war between Israel and Iran has faded, reducing geopolitical risk premium in oil prices. Goldman Sachs sees the easing of geopolitical risk premium by $5 to $10 a barrel in the coming months.
Sentiment: NEUTRAL
Tickers: @LCO.1, @NG.1, @RB.2, %40RB.1?QSEARCHTERM=%40RB, @CL.1,
Keywords: rbob gasoline (apr'21), wti crude (mar'23), breaking news: markets, oil and gas, markets, investment strategy, business news, ice brent crude (apr'23), joe biden, natural gas (mar'23),
Source: https://www.cnbc.com/2024/04/24/crude-oil-prices-today.html