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Oil gains as investors weigh Middle East tensions
Oil prices increased nearly 1% amid Middle East conflicts and uncertainties in Russia–Ukraine peace talks, with Brent crude reaching $61.21 per barrel, analysts said.
- On Dec 29, investors pushed oil higher in early Asian trading as they weighed Middle East tensions and a major hurdle in Russia–Ukraine peace talks.
- Geopolitical strains, including Russia–Ukraine strikes, have kept supply risks elevated as Saudi air strikes in Yemen and Iran's 'full-scale war' claim unsettled markets recently.
- Market volatility showed as both Brent crude futures rose 57 cents to $61.21 by 0112 GMT while U.S. WTI gained 54 cents to $57.28, after Friday's drops.
- IG expects crude to trade around a $55-$60 range, citing U.S. enforcement on Venezuelan shipments and fallout from a U.S. military strike on ISIS targets in Nigeria, which produces about 1.5 million barrels per day.
- Weekend talks at Mar-a-Lago resort in Florida left U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy saying they are `getting a lot closer, maybe very close` and it will be clear `in a few weeks` whether negotiations succeed.
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WTI Soars 2.5% With Yemen Tensions, Ukraine Stalling
West Texas Intermediate (WTI) crude oil prices were up 2.5% in Monday trading at 2:42 p.m. ET, reaching $58.17, as tensions flared in Yemen and hopes for a peace deal on the Russia-Ukraine front dissipated following unsuccessful talks between Kyiv and Washington. In Yemen, the Saudi-led coalition has vowed to retaliate against any military moves by the main southern separatist group backed by the UAE, the Saudi state news agency reported on Sa…
·London, United Kingdom
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Coverage Details
Total News Sources21
Leaning Left1Leaning Right2Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
14%
C 57%
R 29%
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