The post WTI falls to near $73.00 despite rising supply risks due to Middle East tensions appeared on BitcoinEthereumNews.com.

WTI prices extend its losing streak to six-month lows. The downside of the Oil prices could be restrained due to heightened supply concerns. US Secretary of State Tony Blinken stated that Iran and Hezbollah could attack Israel as early as Monday. West Texas Intermediate (WTI) crude Oil price trades around $73.10 per barrel, extending its losses to six-month lows on Monday. However, the downside of the Oil prices could be limited due to rising supply risks from geopolitical tensions in the Middle East. Crude Oil prices received support from the ongoing conflict in Gaza, with an Israeli airstrike hitting two schools and resulting in at least 30 casualties on Sunday, according to Palestinian officials. This escalation follows a round of talks in Cairo that ended without progress, as reported by Reuters. Israel and the United States are preparing for a potential escalation in the region following Iran and its allies, Hamas and Hezbollah, pledging retaliation against Israel for the killing of a Hamas leader. US Secretary of State Tony Blinken stated on Sunday that Iran and Hezbollah could attack Israel as early as Monday, according to three sources briefed on the call, as reported by Axios. Read more: US Sec State Blinken tells G7 that Iran and Hezbollah attack on Israel could start Monday Crude Oil prices declined due to increased recession fears in the United States, the world’s largest Oil consumer. This drop was influenced by Friday’s disappointing US jobs market data and a larger-than-expected contraction in factory activity, as indicated by the ISM Manufacturing PMI. US Nonfarm Payrolls (NFP) increased by 114K in July from the previous month of 179K (revised down from 206K). This figure came in weaker than the expectation of 175K, data showed on Friday. Meanwhile, the US Unemployment Rate rose to the highest level…

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Filed under: News - @ August 5, 2024 2:54 am