- Oil is trading lower, around $72.30, extending losses from yesterday (As of 8:25 AM)
- Oil prices have fallen to a seven-month low amid broader market weakness and concerns over recent economic data points
- US working to prevent Middle East war (BBG)
- The US and its allies are attempting to prevent a large-scale Iranian attack on Israel and avoid an escalation of tensions in the region
- US Secretary of State Antony Blinken said, “All parties must refrain from escalation, all parties must take steps to ease tensions”
- Iran has said it will attack Israel in response to the recent killings of top Hamas and Hezbollah leaders but still looks to avoid a wider conflict
- Aramco CEO says oil demand remains strong (BBG)
- Saudi Aramco’s CEO said that the recent selloff in global oil prices is overdone as demand remains resilient
- In their latest earnings call, he said, “The market to my view is overreacting and the fundamentals do not support the drop in prices that we are witnessing today
- Aramco expects oil demand to rise by 1.6 to 2 MMBbl/d this year, with continued growth in 2025 as well
 |
|
|
|
|
 |
Looking for interest rate charts? We moved them here |
