• Sat, Feb 28, 2026|
  • JKT --:--
  • TKY --:--
  • HK --:--
  • NY --:--

Indonesia News Portal for Traders | Financial & Business Updates

29 October 2024 06:44  |

Oil Steadies After 6% Drop With Focus on Mideast Risk, US Data

Oil steadied after tumbling 6% on Monday, as the market focused on developments in the Middle East and upcoming US economic data.

West Texas Intermediate was higher near $68 a barrel in early Asian trading, while Brent closed below $72 in the previous session. Israeli Prime Minister Benjamin Netanyahu said he was open to a short truce in Gaza in exchange for the release of a small number of hostages. That comes after Iranian oil sites were spared in Israel’s retaliatory strike over the weekend.

The easing of hostilities in the Middle East has unwound a war premium for oil and put the market’s weak fundamentals back into the spotlight — notably poor Chinese demand growth and plentiful supply. Traders will be watching a slew of economic data from the US this week, including on growth and employment, which will give clues on the path forward for monetary policy.

The plunge on Monday comes ahead of a crucial few weeks for oil prices, with the US election looming and the OPEC+ alliance planning to start gradually reviving production in December.

WTI for December delivery rose 0.8% to $67.94 a barrel at 7:29 a.m. in Singapore. Brent for December settlement closed 6.1% lower at $71.42 a barrel on Monday.

Source : Bloomberg

Related News

OIL

WTI Crude Oil Rises Off an 18-Month Low as Tropical Storm F...

West Texas Intermediate (WTI) crude oil closed higher on Monday, climbing off an 18-month low on dip buying and the formation...

10 September 2024 02:06
OIL

Crude Extends Losses on Prospects of Higher Supply

Oil prices add to the previous day's heavy losses as the market shrugs off delegate comments that OPEC+ is considering a dela...

5 September 2024 02:18
OIL

Crude Oil Advances With Middle East Risks and China in Focus...

Oil climbed after slumping by more than 4% on Tuesday — as Israel said it would make its own decision on how to attack Ira...

16 October 2024 06:45
OIL

Crude Oil in Narrow Range with Markets Assessing Middle East...

Crude Oil finds a floor and stabilizes for now on Thursday after a four-day losing streak, which currently still accounts for...

17 October 2024 19:07
BIAS23.com NM23 Ai