- Oil is trading lower, extending losses from last week
- Economic data from China continues to show signs of weakness, potentially leading to weaker crude demand
- RBC recently said in a note that, “In the medium term, slowing economic activity, weakness in Asia, and softer refinery margins all don’t bode well for crude prices going into year-end,”
- Ceasefire talks stall despite US efforts (BBG)
- Israel and Hamas blamed each other for stalling ceasefire efforts over the weekend, as US Secretary of State Antony Blinken arrived in the region
- Hamas claimed responsibility for a bombing in Tel Aviv on Sunday, hindering attempts at de-escalating the conflict
- Iran continues to say it will attack Israel in the coming days, saying that while it welcomes cease-fire negotiations, they are not directly related to Iran’s right to respond to Israel
- The conflict has led to higher geopolitical risk premium in crude prices
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