U.S. crude prices fall more than 4% as Israel is not expected to strike Iran's oil industry
Publishing timestamp: 2024-10-15 09:42:18
Summary
Israel plans to limit retaliatory strikes in Iran to military targets, relieving fears of major supply disruption in Middle East. Oil prices have pulled back significantly from recent highs, with market focus shifting to fundamentals and looming oil surplus. Geopolitical risks have evaporated, but concerns remain about potential escalation leading to oil disruption. OPEC and IEA cut oil demand forecasts, while Chinese oil demand weakens. IEA members are prepared to take action in case of supply disruption in Middle East. Saudi Arabia may be cautious in bringing back barrels in case of escalation.
Sentiment: NEUTRAL
Tickers: @NG.1, @CL.1, @LCO.1, @RB.1,
Keywords: ice brent crude (apr'23), breaking news: markets, business news, natural gas (mar'23), investment strategy, oil and gas, wti crude (mar'23), markets, rbob gas (mar'23),
Source: https://www.cnbc.com/2024/10/15/crude-oil-prices-today.html