Oil Futures Dip Amid Geopolitical And Hurricane Concerns

(MENAFN- The Rio Times) On July 8, 2024, oil futures dipped amid geopolitical concerns and Hurricane Beryl's impact.

WTI crude for August fell 1.00%, closing at $82.33 per barrel. brent crude dropped 0.91%, settling at $85.75 per barrel.

The oil market reacted to a stronger U.S. dollar, making oil more expensive for holders of other currencies. Optimism about ceasefire talks between Israel and Hamas in Gaza also influenced prices.

Ports in Texas closed in anticipation of Hurricane Beryl, with minimal expected impact after offshore platform evacuations.

TD Securities noted that the Middle East risk premium might decrease unless conflicts escalate.

The bank pointed out high production levels and anticipated continued pressure on prices without persistent buying.

Indian Prime Minister Narendra Modi's visit to Moscow marked his first since Russia's invasion of Ukraine.

India remains a major buyer of Russian oil, despite U.S. and ally sanctions. Currently, over 40% of India's imported oil comes from Russia.

Goldman Sachs highlighted the U.S. political landscape, suggesting a potential second term for Donald Trump could reduce regulatory barriers for the oil and gas sector.

Natural disasters like hurricanes also play a crucial role in the dynamics of the dynamics of the oil market.

For instance, federal mobilization for hurricanes like Ian influences oil supply chains and prices.

These interconnected geopolitical events, natural disasters, and economic policies collectively shaped the oil market's performance, reflecting the complexity of global oil prices.

This matters as it underscores the intricate balance of supply, demand, and geopolitical stability that drives oil markets, affecting economies worldwide.


The Rio Times

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.