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Crude Markets Stabilize Amid Israeli Withdrawal, Revival of Peace Negotiations
TOPICS
Brent crude futures dropped over 1% to under $90 per barrel on Monday, with the reduction in Middle East tensions having a greater impact than the anticipated tightening of worldwide supply. The decrease in hostilities became apparent as Israel pulled additional forces out of Southern Gaza, presumably reacting to mounting global pressure. Moreover, the resumption of peace negotiations between Israel and Hamas in Egypt contributed to further calming the previously heightened tensions that had spurred the surge in oil prices.
Despite the easing tensions, supply tightness remained a concern. Saudi Arabia, the top crude exporter, raised official selling prices for all crude grades to Asia in May, reflecting the global supply tightening. Meanwhile, in Mexico, a fire struck an offshore platform operated by the country’s national oil company Pemex, killing one contractor and injuring others.
On the demand side, stronger-than-expected US jobs data released last Friday bolstered the outlook for the world’s top oil consumer. Investors now look forward to the latest inflation readings in the US and China this week, which could further impact the demand outlook.
(Brent Crude Monthly Chart)
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