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Oil Updates: Brent futures rose USD 1.96, or 2.28%, to USD 87.96 per barrel as of 0819 GMT. US West Texas Intermediate (WTI) crude gained USD 1.98, or 2.39%, to USD 84.89 a barrel. Both benchmarks had earlier hit gains of USD 2.
Oil Updates: Indian Petroleum and Natural Minister Hardeep Puri has stated that the Israel-Palestine conflict will not impact crude oil supplies to India. He assured that the government is closely monitoring the situation. Oil prices rose by about 3% to USD 87 per barrel due to the conflict, but they are still lower than the USD 95 per barrel reached two weeks ago.
Oil Updates: The oil slump has coincided with a steep drop in U.S. Treasury prices to 17-year lows, on concerns the U.S. Federal Reserve will keep rates higher for longer and growing worries about government spending and a ballooning budget deficit in the United States, the world's top oil consumer.
Oil Updates: "But with investors now questioning the resilience of the global economy going into next year against the backdrop of higher interest rates for longer, that bullish bias in oil markets may become more balanced," said Craig Erlam, an analyst at OANDA.
"Crude oil prices have started the week on the front foot, as the market continues to digest Russia's temporary ban on diesel and gasoline exports, into an already tight market, offset with the Fed's hawkish message that rates will stay higher for longer," IG Markets analyst Tony Sycamore said.