According to Reuters, oil prices recovered on Monday as a result of political unrest in the US and the Middle East, which countered declines caused by a stronger dollar and sluggish demand in China, the oil market’s largest importer.
After falling 37 cents on Friday, Brent crude futures increased by 15 cents, or 0.2 percent, to $85.18 a barrel by 7:25 a.m. Saudi time. US West Texas Intermediate oil was up 20 cents, or 0.2 percent, to $82.41 per barrel.
The impact of the strengthening dollar following an unsuccessful attempt to assassinate US presidential candidate Donald Trump was dismissed by oil prices.
According to Tony Sycamore, an IG market analyst, “I don’t think you can ignore the uncertainty that the assassination attempt this past weekend will cast across a deeply divided country in the lead-up to the election.”
In the Middle East, negotiations between Israel and Hamas to resolve the Gaza crisis came to an end on Saturday after three days, despite the fact that a Hamas official stated the following day that the organization was open to further conversations.
On Saturday, however, ninety individuals were murdered in an Israeli operation that was directed at the group’s military chief.
The geopolitical premium on oil has remained high due to the unpredictability surrounding the unstable situation.
Also Read:
With an Improved NPL Ratio of 1.4%, Saudi Banks Top the GCC in Terms of Credit Quality
Zest for Life: A Saudi Artist Who is Disabled Uses his Art to Express Himself
