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Oil prices see weekly increases of 4 percent amid Middle East conflicts
(MENAFN) Oil prices experienced weekly increases of approximately 4 percent, driven by concerns over the ongoing conflict in the Middle East and the approaching U.S. presidential election scheduled for next month. The market's reaction reflects a heightened sensitivity to geopolitical tensions and their potential impact on supply and demand dynamics within the global oil market. As a result, traders are closely monitoring developments that could influence prices in the near term.
On Tuesday, brent crude futures climbed by USD1.67, equating to a 2.25 percent rise, bringing the price to USD76.05 per barrel at the close of trading. Simultaneously, U.S. West Texas Intermediate (WTI) crude futures saw an increase of USD1.59, or 2.27 percent, ending the day at USD71.78 per barrel. For the week, Brent and WTI recorded gains of 4 percent and 3.7 percent, respectively, highlighting a positive trend in oil prices amid a complex backdrop of global events.
Investors worldwide are gravitating towards the U.S. dollar, anticipating heightened volatility in the crucial two weeks leading up to the November 5 election in the United States. This period is expected to be particularly eventful, as it coincides not only with the presidential election but also with elections in Japan, key interest rate decisions by three major central banks, and the unveiling of a new budget by the UK government. The convergence of these significant events is driving traders to seek safety in the dollar, which is often seen as a stable asset in times of uncertainty.
The market's focus on these developments underscores the interconnectedness of global finance and politics. Investors are likely to remain vigilant as they navigate this period of potential upheaval, weighing the implications of each event on both domestic and international markets. As the political landscape evolves, it will be essential to monitor how these factors influence oil prices and overall economic stability.
On Tuesday, brent crude futures climbed by USD1.67, equating to a 2.25 percent rise, bringing the price to USD76.05 per barrel at the close of trading. Simultaneously, U.S. West Texas Intermediate (WTI) crude futures saw an increase of USD1.59, or 2.27 percent, ending the day at USD71.78 per barrel. For the week, Brent and WTI recorded gains of 4 percent and 3.7 percent, respectively, highlighting a positive trend in oil prices amid a complex backdrop of global events.
Investors worldwide are gravitating towards the U.S. dollar, anticipating heightened volatility in the crucial two weeks leading up to the November 5 election in the United States. This period is expected to be particularly eventful, as it coincides not only with the presidential election but also with elections in Japan, key interest rate decisions by three major central banks, and the unveiling of a new budget by the UK government. The convergence of these significant events is driving traders to seek safety in the dollar, which is often seen as a stable asset in times of uncertainty.
The market's focus on these developments underscores the interconnectedness of global finance and politics. Investors are likely to remain vigilant as they navigate this period of potential upheaval, weighing the implications of each event on both domestic and international markets. As the political landscape evolves, it will be essential to monitor how these factors influence oil prices and overall economic stability.
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