Oil prices are rising on global markets: key factors
5 June 10:18
Prices for benchmark crude oil grades are rising moderately on the morning of Friday, June 5, following a fairly sharp decline at the close of the previous session. This is reported by "Komersant Ukrainian", citing Interfax-Ukraine.
August Brent futures on the London ICE Futures exchange, as of 8:13 a.m., are up $0.39 (0.41%) to $95.42 per barrel. On Thursday, this contract fell by $2.78 (2.84%) to $95.03 per barrel.
July WTI crude oil futures on the New York Mercantile Exchange (NYMEX) have risen by $0.06 (0.06%) to $93.10 per barrel so far today. The previous day, their price fell by $2.98 (3.1%) to $93.04 per barrel.
The day before, oil prices came under pressure following a State Department announcement that Israel and Lebanon had agreed to a ceasefire following talks in Washington. Earlier, Israeli strikes on Lebanese territory had provoked outrage from Iran, which suspended communications with the U.S.
However, the Lebanese group Hezbollah later stated that it did not agree to the terms of the ceasefire.
“We have not made any commitments to cease resistance as long as the occupation continues,” Hezbollah leader Naim Qassem said on Thursday.
He explained that he is demanding the withdrawal of Israeli troops from Lebanese territory.
“Market optimism is being put to the test by confusing news headlines,” noted IG analyst Tony Sycamore. “From a technical analysis perspective, as long as WTI prices remain above the support level around $80, the risks are skewed toward further price increases.”
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