PT Solid Gold Berjangka | Oil Trades Near Two-Month High on Israel, Hurricane Concerns
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Solid Gold Berjangka | Oil traded at near two-month highs after breaking through recent trading ranges on concerns over rising tensions in the Middle East and a rapid start to the Atlantic hurricane season.
Brent crude was trading near 87 barrels per day after gaining 1.9 percent on Monday, while West Texas Intermediate was above 8.83. The Israeli military said 18 soldiers were injured in a drone attack by Hezbollah, 1 of whom seriously threatened to bring the conflict closer to full-scale war.
Meanwhile, Hurricane Beryl made landfall on the Caribbean island of Kaliaquu as a category 4 storm, raising concerns earlier this year that such a severe system could be a harbinger of a severe hurricane season.
Crude oil has solidified last month’s gains.OPEC+ is holding back supply in the Northern hemisphere summer, and travel is recovering.Traders are likely keeping a close eye on gasoline demand around the U.S. Independence Day holiday on Thursday. Worries about a struggling recovery in China The biggest oil importer could limit price increases.
The increase in crude oil futures trading lifted implied volatility, with Brent’s gauge moving near its highest in January. Money managers are returning to refined products, including oil and diesel, and the time spread remains in a bullish backward structure.
Brent rose 0.1 percent toー86.69 a barrel at 8:35 a.m. in Singapore. WTI for March delivery advanced 0.1% to 83.44 barrels barrels.
Source: Bloomberg