Markets move
Crude futures increased Brent 45 cents, or 0.6 percent, to $74.83 a barrel by 0036 GMT, while US West Texas Intermediate crude futures rose 43 cents, or 0.6 percent, to $70.62, according to Reuters data.
“We still see the correct price for crude oil currently at around $70 per barrel, which is where we are now, as we await new price drivers, including the outcome of the Standing Committee meeting of the National People’s Congress of China and Israel’s response to the situation,” Tony Sycamore, a market analyst at IG, said in a note. The Iranian missile attack that targeted it on October 1.”
The two crude oil standards fell by 58 cents per barrel in the previous session after prices fluctuated in the face of conflicting expectations of an intensification and decrease in tension in the Middle East.
Investors are awaiting a response Israel On the Iranian missile attack, which may include a strike Oil infrastructure in Iran And disrupting supplies, but reports said that Israel would only strike military targets, not nuclear or oil targets.
In the coming days, Israeli and American officials are scheduled to resume talks aimed at a ceasefire in Gaza and the release of the hostages. Previous attempts to reach an agreement failed.
US Secretary of State Anthony Blinken said Thursday that the United States does not want a prolonged Israeli campaign in Lebanon, while it called for France To ceasefire and focus on diplomacy.
Sycamore said that the ceasefire talks have a limited negative impact on crude prices, adding that the focus is more on the conflict in Lebanon and the possible Israeli response to Iran.
Investors are also looking for more clarity on its stimulus policies BeijingAlthough analysts rule out that such measures will provide a significant boost to demand for… Oil in ChinaThe second largest consumer of crude oil in the world.