Oil prices remain steady amid Israel-Hezbollah ceasefire

02 Dec 2024 CW Team

Oil prices remained steady early trading as markets evaluated the implications of a ceasefire between Israel and Hezbollah and anticipated OPEC+ policy discussions. Brent crude futures were slightly down by 2 cents at $72.79 per barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped 4 cents to $68.73 per barrel by 0114 GMT. The ceasefire, set to take effect, follows an agreement brokered by the United States and France to end the conflict along the Israeli-Lebanese border, which has caused significant casualties since last year’s Gaza war. Israeli Prime Minister Benjamin Netanyahu affirmed readiness to implement the deal but warned of strong retaliation for any violations by Hezbollah. Hiroyuki Kikukawa, president of NS Trading at Nissan Securities, noted that markets are cautiously monitoring adherence to the ceasefire, with expectations for WTI prices to range between $65 and $70 per barrel. This range reflects considerations like winter weather in the Northern Hemisphere, potential shale oil production increases under the incoming Trump administration, and demand trends in China. OPEC+ is also under scrutiny as the group, which produces about half of the world’s oil, prepares to meet on December 1. Discussions are focused on delaying planned output increases for 2025 due to weaker demand from China and globally, along with rising production outside the bloc. In the U.S., crude inventories fell significantly by 5.94 million barrels in the week ending November 22, surpassing analysts' expectations of a 600,000-barrel decline. However, fuel inventories saw an uptick, adding complexity to market dynamics. Additionally, President-elect Donald Trump’s proposal for a 25% tariff on imports from Mexico and Canada, including crude oil, has raised concerns about potential trade disruptions, further influencing market sentiment. (ET)

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