Israel and the Lebanese Hezbollah group exchanged accusations yesterday, Thursday, of violating the ceasefire that entered into force the previous day. The agreement appeared to reduce the possibility of supply disruptions from a broader conflict, concerns that have already led to higher risk premiums on prices. Oil.
Price action
Crude futures fell Brent Seven cents, or 0.1 percent, to $73.21 per barrel by 0232 GMT, while US West Texas Intermediate crude futures rose 38 cents, or 0.55 percent, compared to Wednesday’s closing price to $69.10, according to Reuters data.
Trading remained modest due to the Thanksgiving holiday on Thursday, which led to the closure of US financial markets.
Oil supplies from the Middle East were largely unaffected during Israel’s confrontations with both Hezbollah in Lebanon and Hamas in Gaza.
Yesterday, Thursday, Russia launched an attack on Ukrainian energy facilities for the second time this month. Analysts at ANZ said that the attack could be met with retaliation that would affect Russian oil supplies.
The OPEC+ alliance, which includes the countries of the Organization of the Petroleum Exporting Countries and allies including Russia, postponed its next meeting on production policy to December 5, after it was scheduled to be held on the first of next month. The meeting is expected to extend the alliance’s production cuts.
The International Atomic Energy Agency said on Thursday that Iran had informed it that it would install more than six thousand additional centrifuges for uranium enrichment in its facilities.
