Oil prices stabilize after weekly gains amid expectations of Iran’s response

I settled down Oil prices After achieving its first weekly gains since early July, as the market awaits Iran’s response to the assassination of the Hamas leader in Tehran last month.
Crafts Brent crude Under $80 per barrel after rising about 4% last week, while West Texas Intermediate crude was close to $77. Over the weekend, Tehran confirmed its intention to punish Israel for the killing of a Hamas political leader, with state media there reporting that an Iranian army missile unit was training near the Iraqi border.

Vivek Dhar, an analyst at the Commonwealth Bank of Australia, said: “Market anxiety will focus on attacks on Iran’s oil supply and infrastructure,” as the country accounts for about 4% of oil production. the world “We see Brent crude futures trading between $75 and $85 per barrel in the near future,” he said, although upside risks remain due to tensions in the Middle East.

Crude oil prices have continued to bounce back in stock markets since falling to seven-month lows at the start of last week, with the gloomy outlook in China, the biggest importer, also weighing on expectations of traders. Traders will look to market reports for more clarity on the balance of supply and demand – with the monthly OPEC report on Monday and the International Energy Agency on Tuesday, as well as US inflation data on Wednesday.

Meanwhile, money managers cut their net bullish position on Brent crude to the lowest level, according to data going back to 2011, while turning to a net bearish position on diesel. In the corporate market, warning signs are emerging as US refineries slow down and profit margins shrink.