Oil Steadies After Weekly Advance as Geopolitical Risks Flare

Oil steadied after a weekly gain as geopolitical risks in Russia and the Middle East came back into focus following attacks over the weekend.

Bloomberg
First Published20 May 2024
Oil Steadies After Weekly Advance as Geopolitical Risks Flare
Oil Steadies After Weekly Advance as Geopolitical Risks Flare

(Bloomberg) -- Oil steadied after a weekly gain as geopolitical risks in Russia and the Middle East came back into focus following attacks over the weekend.

Brent futures traded near $84 a barrel after posting the first weekly advance this month, while West Texas Intermediate was below $80. A Ukrainian drone strike on a small Russian refinery halted operations on Sunday, the latest in a string of attacks as fighting intensifies between the two countries.

In the Middle East, a China-bound oil tanker — which most recently docked in Russia — was hit by a Houthi missile in the Red Sea on Saturday, the US Central Command said. The market is also watching for developments on the search for Iran’s President Ebrahim Raisi after his helicopter crashed.

Supreme Leader Ayatollah Ali Khamenei said there “won’t be any disruption to the country’s affairs” as a result of the incident.

Global benchmark Brent is around 9% higher this year due to OPEC supply cuts but prices have cooled since mid-April as geopolitical tensions eased. Market watchers are turning their attention to the upcoming meeting by the producer group on June 1, but largely expect a rollover of existing curbs.

There’s increased bearishness among hedge funds, with money managers reducing their net long positions on Brent for a second week. They are now the least bullish since January. There was also a pullback on bets for rising gasoline prices ahead of the US summer driving season.

To get Bloomberg’s Energy Daily newsletter into your inbox, click here.

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeNewsOil Steadies After Weekly Advance as Geopolitical Risks Flare

Most Active Stocks

HDFC Bank

1,710.90
10:29 AM | 25 JUN 2024
38.8 (2.32%)

Grasim Industries

2,516.85
09:59 AM | 25 JUN 2024
1.9 (0.08%)

Power Grid Corporation Of India

327.60
10:20 AM | 25 JUN 2024
-5.45 (-1.64%)

Bharat Electronics

309.50
10:24 AM | 25 JUN 2024
-0.2 (-0.06%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Raymond

2,801.95
09:59 AM | 25 JUN 2024
193.75 (7.43%)

Welspun Corp

541.55
10:20 AM | 25 JUN 2024
29.4 (5.74%)

Patanjali Foods

1,529.90
10:11 AM | 25 JUN 2024
72.95 (5.01%)

LIC Housing Finance

768.15
09:59 AM | 25 JUN 2024
33.4 (4.55%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    72,976.00-1,079.00
    Chennai
    73,620.00-654.00
    Delhi
    72,689.00-1,803.00
    Kolkata
    73,119.00-1,082.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanGet App