Crude oil price saw an up move on Tuesday after falling more than $2 per barrel in the previous session. The major reason attributed behind the previous drop was, investors were expecting a potential ceasefire between Israel and Lebanon’s Hezbollah, turning into lower concerns for the oil price along with a fall in it.
Brent crude futures showed an upward movement of 73 cents, or 1 per cent to $73.74 per barrel. U.S. West Texas Intermediate (WTI) crude futures were at $69.62 per barrel, with an up move of 68 cents, also 1 per cent.
Crude oil prices plunged on Monday after getting multiple reports of Israel and Lebanon agreeing to terms of a deal to end the Israel-Hezbollah conflict. According to a senior Israeli official it looks to approve a U.S. plan for a ceasefire.
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“International and domestic crude futures plummeted Monday as geopolitical tensions eased in the Middle East amid reports Israel and Hezbollah are close to a cease-fire. Weakness in the crude crack spread and increase in crude oil held worldwide on tankers was bearish for oil prices. Prices also fell despite a weaker dollar and a rally in the S&P 500 to a new record high, which signals confidence in the economic outlook and energy demand,” Said Sriram Iyer, Senior Research Analyst at Reliance
OPEC+ countries may consider leaving its current oil output cuts in place from January 1 at its next meeting on Sunday. The producer group is already postponing hikes in production amid global demand worries. On Monday, Trump said he would impose a 25 per cent tariff on all products coming into the U.S. from Mexico and Canada. It was unclear whether this would include crude oil.
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The majority of 4 million barrels per day, crude exports of Canada go to the US. However, it is uncertain of Donald Trump to impose a tariff on Canadian oil, which cannot be easily replaced since it differs from the grades that the US produces.
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