OIL
Brent oil prices eased during early Thursday trading despite lingering tensions in Israel and Gaza. The stabilisation of oil prices can be seen as a case of no news is good news. The situation remains critical and continues to threaten to involve the Middle East in a wider conflict, a scenario that could disrupt the global supply of crude. But, so far, there has been no escalation, and the nerves of oil traders seem to have calmed. There has also been good news elsewhere, with the announcement that sanctions on Venezuelan oil exports will be relaxed, providing some relief to the supply-side pressures that have supported the recent price rises.
Ricardo Evangelista – Senior Analyst, ActivTrades
Source:ActivTrader