Oil prices rise after the attack on Gaza

Oil prices rise after the attack on Gaza

Oil prices rise after the attack on Gaza

Oil prices began to rise last night as risk perception strengthened following Israel’s attack on a hospital in Gaza.

A barrel of Brent oil is trading at $91.33 in international markets.

The price of a barrel of Brent oil, which rose to $91 yesterday, ended the day at $89.90. The price of a barrel of Brent oil increased 1.59 percent compared to today’s close at 9:46 a.m., reaching $91.33. At the same time, West Texas Intermediate (WTI) crude oil sold at $86.98 per barrel.

CONCERNS AFFECT PRICES

Yesterday, 500 people lost their lives as a result of the Israeli bombing of Al-Ahly Baptist Hospital in Gaza. While the attack sparked a huge reaction around the world, concerns that the Palestinian-Israeli conflict could spread to the region and negatively affect oil supplies are having an impact on prices.

The White House stated that the quadripartite summit planned in Jordan with the participation of the US, Egypt and Palestine was canceled by a “joint decision” of the parties because Palestinian President Mahmoud Abbas declared three days of mourning after the attack on the hospital in Gaza.

It was previously announced that US President Joe Biden would travel to Jordan following his visit to Israel today and meet with King Abdullah II, Egyptian President Abdulfettah es-Sisi and Palestinian President Mahmoud Abbas.

On the other hand, the American Petroleum Institute announced that the country’s crude oil inventories are estimated to decrease last week by 4 million 383 thousand barrels compared to the previous week. The market expectation was that inventories would decrease by 1 million 267 thousand barrels.

Official stock data from the US Energy Information Administration will be announced today.

It is stated that technically the range between $92.11 and $93.05 for Brent oil can be considered as resistance, and the range between $91.17 and $90.23 as support zone. (AA)

Source: Sozcu

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