Oil Drops 9% After Hamas Attack on Israel; What Is Behind This Decline?

Written by Paulo Nogueira

Published on 17/11/2023 at 09:39

Temor diante de conflito em Gaza levou à alta da commodity; no entanto, preço vem caindo desde então, tocando o menor patamar desde julho (imagem: Pixabay)

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Global Actions. The Tension Resulted in Significant Fluctuations in Oil Prices, Directly Affecting International Economic Prospects.

The Recent Confrontation in the Middle East Between Israel and Hamas Raised Concerns in the Market, Especially Due to the Region’s Influence on the Oil Market.

The Price of Brent Oil Rose After the Attacks on October 7 Against Israel, Reaching $89.65 on October 16, 2023. However, Since Then, the Price Dropped by 9%, Being Traded at About $81 This Wednesday (15). Previously, It Reached $79, the Lowest Value Since July.

Some Factors May Explain the Recent Movement: The Fear of a Supply Reduction Due to the Conflict in the Middle East Decreased, Thanks to the Increase in Production Announced by the United States, as Well as the Increase in Production Reported by OPEC (Organization of the Petroleum Exporting Countries).

ARTICLE CONTINUES BELOW

Forecast for Increased Oil Demand Despite the Expansion of Electric Vehicles

The Agency Estimates That Oil Demand Will Increase to 930,000 bpd, Compared to the Current 880,000 bpd. On the Other Hand, It Forecasts That Demand May Slow Down Due to the Growing Adoption of Electric Vehicles and the End of the Post-Pandemic Economic Recovery Phase.

Source: Money Times

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Oil Drops 9% After Hamas Attack on Israel; What Is Behind This Decline?

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