Oil prices started the week in the green on the back of increased violence in the Middle East and hopes that the Federal Reserve will cut interest rates next month.
Crude oil prices started trade this week with a gain, after posting another week of losses, as an increase in violence in the Middle East prompted worry about supply while in the U.S. the Fed signaled it may start cutting interest rates next month. Brent crude was trading above $79 in late morning trade in Asia today, with West Texas Intermediate above $75 per barrel.
However, “While risks in the Middle East are building following the latest escalation, the market is becoming increasingly immune to these tensions,” Warren Patterson, head of commodities strategy at ING, said, as quoted by Bloomberg. “It has been going on for almost a year now and is yet to have an impact on oil supply.
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