AGL 38.40 Decreased By ▼ -0.15 (-0.39%)
AIRLINK 135.00 Increased By ▲ 1.25 (0.93%)
BOP 5.09 Increased By ▲ 0.02 (0.39%)
CNERGY 3.79 Decreased By ▼ -0.03 (-0.79%)
DCL 7.59 Increased By ▲ 0.11 (1.47%)
DFML 44.45 Decreased By ▼ -0.98 (-2.16%)
DGKC 77.40 Increased By ▲ 2.06 (2.73%)
FCCL 26.88 Decreased By ▼ -0.52 (-1.9%)
FFBL 52.97 Increased By ▲ 3.27 (6.58%)
FFL 8.54 Increased By ▲ 0.01 (0.12%)
HUBC 123.80 No Change ▼ 0.00 (0%)
HUMNL 9.94 Increased By ▲ 0.09 (0.91%)
KEL 3.73 Decreased By ▼ -0.09 (-2.36%)
KOSM 8.08 Decreased By ▼ -0.31 (-3.69%)
MLCF 33.70 Increased By ▲ 0.44 (1.32%)
NBP 58.49 Decreased By ▼ -0.45 (-0.76%)
OGDC 149.95 Increased By ▲ 1.85 (1.25%)
PAEL 24.70 Decreased By ▼ -0.20 (-0.8%)
PIBTL 5.85 Increased By ▲ 0.13 (2.27%)
PPL 111.65 Increased By ▲ 2.45 (2.24%)
PRL 23.90 Increased By ▲ 0.07 (0.29%)
PTC 12.10 Increased By ▲ 0.27 (2.28%)
SEARL 56.89 Decreased By ▼ -0.36 (-0.63%)
TELE 7.00 Decreased By ▼ -0.02 (-0.28%)
TOMCL 35.15 Increased By ▲ 0.83 (2.42%)
TPLP 7.05 No Change ▼ 0.00 (0%)
TREET 14.16 Increased By ▲ 0.06 (0.43%)
TRG 46.23 Decreased By ▼ -1.66 (-3.47%)
UNITY 26.08 Increased By ▲ 0.58 (2.27%)
WTL 1.21 Decreased By ▼ -0.01 (-0.82%)
BR100 8,735 Increased By 125.5 (1.46%)
BR30 26,256 Increased By 208.9 (0.8%)
KSE100 82,722 Increased By 754.8 (0.92%)
KSE30 26,382 Increased By 306.9 (1.18%)

LONDON: Oil prices were stable on Monday as fears of a widening conflict in the Middle East after a rocket strike in the Israeli-occupied Golan Heights balanced demand concerns to put a floor under last week’s price losses.

Brent crude futures lost 33 cents, or 0.41%, to $80.80 a barrel at 1214 GMT. U.S. West Texas Intermediate (WTI) crude futures fell by 29 cents, or 0.38%, to $76.87.

The Brent and WTI benchmarks lost 1.8% and 3.7% respectively last week on sagging Chinese demand and hopes of a Gaza ceasefire agreement.

“A rather muted opening greets oil prices after Middle East tension is back on the menu due to a reported Hezbollah attack,” said PVM analyst John Evans, referring to the strike on Golan Heights.

On Sunday Israel’s security cabinet authorised Prime Minister Benjamin Netanyahu’s government to decide on the “manner and timing” of a response to the attack that killed 12 teenagers and children.

Oil edges up on upbeat US economic data

Israel vowed retaliation in Lebanon against Iran-backed Hezbollah, which denied responsibility for the attack. Israeli jets hit targets in southern Lebanon on Sunday.

The tensions have spread to several fronts and are in danger of spilling into a wider regional conflict, sparking investor concerns about the potential impact on crude output from the world’s largest oil-producing region. But to date, output has not been affected.

“Despite renewed geopolitical tensions in the Middle East, the lack of any supply disruptions limits any positive price reaction,” said UBS analyst Giovanni Staunovo.

“Oil demand concerns, driven by weak Chinese economic data, is another factor not helping oil prices at present.”

Data released this month showed that China’s total fuel oil imports dropped 11% in the first half of 2024, raising concerns about the wider demand outlook in the world’s biggest crude importer.

Prices also fell at the end of last week on news that the huge Dangote oil refinery in Nigeria is reselling cargoes of U.S. and Nigerian crude after technical problems at the plant.

Meanwhile, markets are keeping a watch on oil producer Venezuela after the country’s electoral authority said that President Nicolas Maduro had won a third term with 51% of the vote despite multiple exit polls pointing to an opposition win.

The U.S. had previously said it would “calibrate” its sanctions policy towards Venezuela depending on how the election unfolds in the OPEC member nation.

Comments

200 characters