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| Commodity News |
| HeadLine : |
Oil prices rise with Middle East tensions, econ data in focus |
| Date : |
Apr 9 2024 |
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Oil prices rose slightly in Asian trade on Tuesday, recovering some lost ground as focus remained squarely on renewed ceasefire talks between Israel and Hamas, while anticipation of key economic data this week kept sentiment subdued.Crude markets saw some profit-taking on Monday, amid reports that Israel had withdrawn troops from some parts of Gaza, while also meeting with Hamas in Egypt for new ceasefire talks. But oil prices remained close to five-month peaks as reports showed that Israel-Hamas talks remained deadlocked, while uncertainty over Iran potentially opening up a new front against Israel also remained in play. The prospect of an immediate ceasefire between Israel and Hamas also remained fleeting, given that the two parties have failed to reach an agreement despite repeated efforts by the U.S. and its allies to broker peace. Any more supply disruptions are likely to further tighten global oil markets. The outlook for oil markets was further tightened by the Organization of Petroleum Exporting Countries and allies recently maintaining its pace of production cuts until end-June. Chinese consumer and producer inflation readings are due on Thursday, and are expected to offer more cues on a deflationary trend in the world’s largest oil importer.
Source: Reuters
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