As traders assessed the growing geopolitical risks in Europe and the Middle East, along with an approaching hurricane in the Caribbean, oil prices stabilized. West Texas Intermediate was trading above $81 a barrel, having risen about 6% in June. Despite this increase, oil prices have remained relatively stable, with bullish and bearish factors already factored into the market.
In France, Marine Le Pen’s party dominated the first round of legislative elections, adding to political uncertainties in the region. Israeli Prime Minister Benjamin Netanyahu expressed his commitment to fighting Hamas, while a drone attack from Hezbollah injured 18 Israeli soldiers. Hurricane Beryl is expected to pass through the Caribbean, raising concerns about potential disruptions to US oil operations in the Gulf of Mexico.
OPEC+ has played a role in supporting oil prices by indicating that any increase in production will depend on market conditions. Money managers have been investing in US crude futures, and key spreads are indicating tight supplies. Geopolitical tensions, potential supply increases from OPEC+, and upcoming elections in the US and China are expected to be key focus areas in the coming months.
A private gauge of China’s manufacturing activity showed expansion in June, contradicting official data showing a contraction. This has clouded the outlook for oil prices. For more news on the energy sector
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