OIL
Brent oil prices edged down in early Thursday trading, staying close to the multi-week high of $85.82 reached during the previous session. Despite an unexpected rise in US inventories earlier in the week, which highlighted ongoing concerns about demand, the price of a barrel remained relatively stable. Supply anxieties continue to dominate investors' mindsets due to geopolitical instability. Traders increasingly anticipate an all-out war between Israel and Hezbollah, raising the likelihood of the regional conflict escalating and affecting the entire area. Such a scenario would likely disrupt production in the Gulf region and potentially halt traffic through the Suez Canal. Given this backdrop, the price of a barrel is expected to remain supported around current levels.
Ricardo Evangelista – Senior Analyst, ActivTrades
Source: ActivTrader
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