Tuesday, 26 October, 2021


Oil edges up after plunge, as market recovers poise

Saudi Arabia is vulnerable to possible Iranian reprisals after Tehran vowed ‘revenge’ on Washington Saudi Arabia is vulnerable to possible Iranian reprisals after Tehran vowed ‘revenge’ on Washington
Bennie Garza | 09 January, 2020, 17:28

On Sunday, Brent crude futures rose $1.05 to $69.65 a barrel, while US crude climbed 94 cents to $63.99, Reuters said.

Iranian military commander Qassem Soleimani, the architect of Tehran's overseas military operations was killed on Friday in a US drone strike on his convoy at Baghdad airport.

They were down a cent at $65.43 a barrel in later trade while West Texas Intermediate was up two cents at $59.63 after sliding almost 5% the previous day.

Traders are saying the early support is being provided by a report late Wednesday that said two rockets fell inside the Green Zone in the Iraqi capital, a section in Baghdad that contains the U.S. Embassy, other embassies of Western nations and foreign businesses, according to Reuters.

"We need to be guarded about further sharp declines this week, as we will probably see more activity by proxy militias in Iraq", said Stratfor oil analyst, Greg Priddy.

Crude oil stocks were up 1.2 million barrels in the week ended January 3 at 431.1 million barrels, the Energy Information Administration said yesterday. BNI Sekuritas head of research Damhuri Nasution said the escalation of the tension between the USA and Iran could potentially affect Indonesia's economy as a result of rising oil prices and foreign outflows.

Meanwhile J.P. Morgan maintained its forecast for Brent to average $64.50 a barrel this year.

Oil prices jumped to US$63.05 a barrel on Friday, their highest level in more than three months, after Soleimani's killing sparked fears that conflict in the region could disrupt global oil supplies.

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