Geopolitical crisis led to destruct global oil pricing after slow trade in Asia
The escalation broadened by the Israel-Palestinian conflict across the region and potential oil supply disruption in the Middle East pushed prices up by about 6 percent last week.
New Delhi: Oil prices get to slow down in early Asian trade as a concluding escalation after a series of strikes in southern Gaza, that affected the supply ratio concerns within the Middle East. The geopolitical turmoil has instigated the global crude supply and its import as well.
The escalation broadened by the Israel-Palestinian conflict across the region and potential oil supply disruption in the Middle East pushed prices up by about 6 percent last week. Brent crude futures traded down 29 cents, or 0.4% lower at $81.90 per barrel, while U.S. West Texas Intermediate crude futures were down 28 cents, or 0.4% at $76.56 per barrel.
Logistics disruptions in the Red Sea remained front and center of investor concerns. The United Kingdom Maritime Trade Operations [UKMTO] had received a report of a ship being attacked by two missiles south of Yemen’s Al Mukha. The Houthi militants backed by Iran have relentlessly dispatched drones and fired missiles at commercial ships as a subsequent response to Israel’s military action in Gaza. The conflict has disrupted global shipping, leading several companies to halt Red Sea journeys and opt for a longer and more expensive route around Africa.Read Also : PFRDA notifies rules for National Pension System and Pension Funds: What you need to know
US energy firms increased oil and natural gas prices to their highest since mid-December, significantly highlighting an increase in output. Domestic production returned last week to a record 13.3 million barrels per day. The other dominating factor influencing the global oil market is the US Fed Reserve's unchanged interest rates and its next half year’s stability chorus.
Trading in Asia hours has been slow and mild due to closing sessions of holidays in China, Hongkong, Japan, South Korea, Singapore, Taiwan, Vietnam, and Malaysia.Read Also : Finance Minister Sitharaman chairs 28th meeting of FSDC
(Stay informed on PSUs, bureaucracy, defense, and public policy! PSU Connect, India's trusted news source, is now on Google News. Join us on FACEBOOK, Telegram and Twitter for in-depth analysis and breaking news.)Read Also : 48 Unemployed Gain Valuable Skills in NLCIL-NPTI CSR Initiative
News Must Read
- NGEL Signs Land Lease Agreement with APIIC for Integrated Green Hydrogen Hub
- SCOPE to organize Workshops on ‘Public Procurement’ & ‘RTI’ in Shillong
- Most awaited Gujarat's Signature Bridge: Read About its beauty
- NBCC to execute worth Rs 369 crore projects in UP, MP and Telangana
- CMD, IREDA Unveils Vision for Retail Division, Elevating Rooftop Solar
- PFC Forge Historic Partnership with Govt of Goa
- Government flows out Tender for Puri International Airport Construction
- Power Grid board approves Investment in two projects worth 655.75 crore
- SECL Makes History as First Coal Company to Procure Over Rs 10,000 Crore via GeM
- How RVNL's share takes boom today..