Commodities Analysis by Investing.com (Barani Krishnan) covering: Brent Oil Futures, Crude Oil WTI Futures, ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Bloomberg Crude Oil. Read Investing.com (Barani Krishnan)'s latest article on Investing.
More than three weeks into Israel-Hamas war, crude prices are barely any higher than where they were before start of conflict
Despite that, the release of hundreds of millions of barrels of US emergency crude supplies calmed the market, eventually wiping out any war premium for oil. In fact, WTI has been in yo-yo mode for a week now, rising or falling more than 2% in a session, as traders scratched their heads on what sort of risk premium to attach to a war which has virtually had zero impact thus far on the global oil trade.
“What war premium?” Ed Moya, analyst at online trading platform OANDA, asked in his market note on Monday. Weekend playouts, as referenced by Teng, typically involves a dose of reality for oil bulls on Monday when trading usually gets to a sluggish start from sheer hype or premium from uncertainty built up on a Sunday.
But before the Fed meeting, markets are also awaiting key purchasing managers index data from China, which is set to shed more light on business activity in the world’s biggest oil importer.
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