Oil prices dip below $80 as M.east fears ease, OPEC meeting awaited
Investing.com-- Oil prices fell to a near two-month low in Asian trade on Tuesday as a lack of immediate escalation in tensions between Israel and Hezbollah saw traders price out a risk premium from prices.
Traders were seen pricing out a risk premium from crude after media reports said Israeli officials were not seeking all-out war with Lebanon in their retaliation for a rocket strike that killed 12 in Israel-occupied Golan Heights. While the prospect of an all-out war in the Middle East does present some supply risks for crude, there has been so far little disruptions in oil production in the region, even with the Israel-Hamas war reaching its ninth month.The Joint Ministerial Monitoring Committee of the OPEC is set to meet on August 1, although reports suggested that the meeting will be routine and yield few changes to production.
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