Price action
By 0043 GMT, crude futures rose Brent November delivery rose 16 cents, or 0.22 percent, to $72.14 a barrel. The contract expires on Monday, and the most widely traded contract for December delivery rose ten cents, or 0.14 percent, to $71.64 a barrel, according to Reuters data.
West Texas Intermediate crude futures increased eight cents, or 0.12 percent, to $68.26 per barrel.
Last week, Brent crude fell by about three percent, while it declined West Texas crude The median is about five percent, with increasing concerns about demand after the failure of fiscal stimulus from… Chinathe second largest economy in the world and the largest importer of oil, in supporting market confidence.
But prices received support on Monday from the possibility of expanding conflict in the Middle East with Iran, the main oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC).OPEC), after Israel intensified its attacks on the Lebanese Hezbollah group and the Iran-allied Houthis in Yemen.
“The recent escalation of attacks in the Middle East increases the possibility of Iran being drawn directly into the conflict, presenting a significant risk of supply disruption to the OPEC member producer,” ANZ Research said in a note.
Israel said it bombed Houthi targets in Yemen on Sunday, expanding its confrontation with Iran’s allies, two days after the killing of Hezbollah Secretary-General Hassan Nasrallah amid the escalation of the conflict in Lebanon.
Later Monday, markets will wait to hear from the Fed Chairman Federal (US Central Bank) Jerome Powell felt indicators of the pace of easing monetary policy.
However, prices remain under pressure with OPEC and its allies, or the group known as OPEC+, planning to increase production by 180,000 barrels per day in December, and a return of exports is also expected. Oil from Libya.
