2023-11-14 21:44:21
Oil prices witnessed little change on Tuesday, as they gave up their early gains amid signs of easing tension in the Middle East and uncertainty regarding US oil inventories.
US President Joe Biden said that he is holding daily discussions to ensure the release of hostages held by the Palestinian Hamas movement, and he expressed his belief that this matter will be able to be accomplished.
Brent crude futures fell five cents to $47.82 per barrel, which is lower than the settlement price on October 6, the eve of the Hamas attack on Israel, which amounted to $84.58. In subsequent weeks, Brent crude futures traded at a high of $93.79 per barrel on October 20.
US West Texas Intermediate crude settled at $78.26.
“The war premium is fading as it looks likely there will be no supply disruption” in the Middle East, said Phil Flynn, an analyst at Price Futures Group.
The White House said that Biden’s senior advisor for Middle East affairs, Brett McGurk, is heading to the region to hold talks with officials in Israel, the West Bank, Qatar, Saudi Arabia, and other countries.
In early trading, the price of the two standard crude oils rose by more than a dollar per barrel following the International Energy Agency strengthened its expectations for demand growth and the dollar declined due to data showing a slowdown in inflation in the world’s largest economy.
Flynn said that crude prices also gave up their early gains today due to the lack of clarity in the market regarding what US oil inventory reports will reveal.
Tomorrow, Wednesday, the US Energy Information Administration will issue its first report on oil inventories in two weeks.
The International Energy Agency raised its forecasts for oil demand growth for the current and next years, despite the expected slowdown in economic growth in almost all major economies.
Last week, oil prices fell to their lowest level since July, affected by fears of a possible decline in demand in the United States and China, the world’s largest oil consumers.
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