Market Leader : News :: Middle East Tensions Support Oil Prices

Stock and commodities markets

Middle East Tensions Support Oil Prices

Tue, 30 Jul 2019 11:07:00 +0000

The currenty trading week has been controversial for the international market of crude oil. Chances are, the market is going to be relatively neutral throughout the rest of the week. Brent oil is trading around 63,50 dollars per barrel while WTI costs 56 dollars per barrel.

Unstable Oil Prices

At this point the oil price seem to be under pressure related to the market fears that the global economy is slowing down, which means decreased demand for crude oil since oil si coinsidered the blood of the global economy. At the same time, the recent poor economic figures released in the United States gives the bulls some hope that the Federal Reserve and other central banks will start stimulating their economies, which will make their currencies weaker and will support crude oil.

News Backing Oil Prices

In the meantime, the oil prices keep on feeling. political tensions in the Middle East. The resent arrest of a British oil tanker by the Iranian revolutionary troops raised a lot of concerns regarding the security of international oil tankers in the region. The UK called for creating standalone armed forces for defending those vessels going through the Straight of Hormuz and even started attracting the British Navy for that purpose.

The security of transporting crude oil in the region is now a big issue, which is clearly affecting the market and backing the prices.

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Brent Prices Drop Down To $61/b

The concerns over the global demand for crude oil are getting back to the market again. The current trading week has been a week of discounts. Earlier today, Brent oil saw its price drop down to 61 dollars per barrel. The WTI price dropped all the way down to 56 dollars per barrel. The supply side has got an upper hand.

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Stock and commodities markets

Middle East Tensions Support Oil Prices

Unstable Oil Prices

News Backing Oil Prices

The security of transporting crude oil in the region is now a big issue, which is clearly affecting the market and backing the prices.

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