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Commodity: Oil prices are rising

29/01/2024
Source : ORISHAS FINANCE
Categories: Raw materials

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After a drone attack on American forces in Jordan added to concerns about supply disruptions in the Middle East, oil prices soared at the start of the week.

Brent oil futures rose 29 cents, or 0.4%, to $83.84 per barrel at 0230 GMT, after reaching a high of $84.80 during the session. U.S. West Texas Intermediate crude gained 34 cents, or 0.4 percent, to $78.35 per barrel after reaching an intraday high of $79.29 earlier in the session. According to ANZ analysts in a note, tankers linked to the United States and the United Kingdom are now under threat of attack, the market is likely to reassess the risk of disruptions. WTI declines are likely to find buyers toward the 200-day moving average at $77.60, before a stronger support layer at $75.00 from buyers looking to push towards $80

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