Crude Oil Price went a bit higher as US Dollar drop slightly — Market Talk
WORLD, Oct. 12 – Crude Oil prices went up on Thursday as the U.S. dollar eases ahead of CPI data and amid broader concerns over the situation in Israel and Palestine.
Brent crude is up 0.9% to $86.62 a barrel, while WTI trades 0.7% higher at $84.08 a barrel. Yet, concerns over a broader conflict slightly ease after U.S. intelligence indicated Iranian officials were surprised by Hamas’s attack, according to analysts, Market Talk learnt.
“The risk premium continues to erode with the conflict largely contained to Israel and Hamas,” ING’s Warren Patterson and Ewa Manthey say in a note. Also newly released U.S. API inventory numbers are unlikely to help sentiment after showing larger-than-expected crude and gasoline stockbuild, analysts say.
