Oil Steadies As Risk-Off Mood Offsets Middle East Tensions

Oil was steady after retreating on Wednesday, with broader risk-off sentiment offsetting heightened tensions in the Middle East before an OPEC+ supply meeting on Sunday.

West Texas Intermediate traded near USD79 a barrel after falling 0.8% in the previous session, while Brent finished close to USD84. Commodities followed US bonds and stocks lower after a disappointing sale of Treasuries. A ship was hit by missiles two times in the Red Sea, and Israel said it probably wouldn’t be able to defeat Hamas before the end of this year.

Oil has risen this year on escalating geopolitical conflicts and production curbs by OPEC+, although a softened demand outlook in China has pressured prices over the past month. The coalition, led by Saudi Arabia and Russia, is scheduled to meet online on Sunday to review supply policy and is expected to prolong output cuts into the second half of 2024. – Bloomberg

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