Oil Steadies With Focus on Middle East After Hamas Leader Death
Oil steadied, after notching its first gain in five sessions, with eyes on developments in the Middle East after the death of Hamas leader Yahya Sinwar.
West Texas Intermediate held near $72 a barrel, while Brent settled at around $74. The killing of Sinwar by Israeli soldiers led President Joe Biden to renew calls for a cease-fire in Gaza, although Prime Minister Benjamin Netanyahu said operations are “yet to be completed.”
Meanwhile, a report on Thursday showed US stockpiles fell 2.19 million barrels last week — more than projected by an industry group. That indicated healthy consumption in the biggest crude user.
WTI for November delivery climbed 0.3% to $70.86 a barrel at 7:34 a.m. in Singapore.
Brent for December settled at $74.45 a barrel.
Source : Bloomberg