Oil rises on prospects of wider Middle East war, firmer global supply caps gains
Oil prices rise on fears of supply disruptions
U.S. oil stocks unexpectedly rise
OPEC+ capacity could cushion Iranian supply shock
Updates prices as of 0405 GMT, with analyst quotes in paragraphs 3-4 and 7-8
By Gabrielle Ng and Georgina McCartney
SINGAPORE, Oct 3 (Reuters) -Oil prices rose on Thursday as the prospect of a widening Middle East conflict that could disrupt crude oil flows from the key exporting region overshadowed a stronger global supply outlook.
Brent crude futures LCOc1 gained 80 cents, or 1.08%, to $74.7 a barrel as of 0405 GMT. U.S. West Texas Intermediate crude futures CLc1 gained 85 cents, or 1.21%, to $70.95.
"Following the initial jitters from geopolitical risks in the Middle East, we have seen some calm return to global markets, but of course, with market participants still keeping a side-eye on any upcoming Israeli response," said Yeap Jun Rong, a market strategist at IG.
"The question for oil now is whether Iran's energy infrastructure will be in Israel's crosshairs," said Yeap.
Israel bombed central Beirut in the early hours of Thursday, killing at least six people, after its forces suffered their deadliest day on the Lebanese front in a year of clashes against Iran-backed armed group Hezbollah.
The strike comes a day after Iran fired more than 180 ballistic missiles at Israel in an escalation of hostilities, which have seeped out of Israel and occupied Palestinian territories into Lebanon and Syria.
"From here, it's a waiting game to see what the Israeli response will be and I suspect that comes after the conclusion of the Rosh Hashanah holiday tomorrow," said IG market analyst Tony Sycamore.
"I doubt that Israel will target Iranian oil infrastructure, as such a move would likely drive oil prices towards $80, which would be frowned upon by Israel's allies, who are making strides against inflation," Sycamore said.
Meanwhile, U.S. crude inventories rose by 3.9 million barrels to 417 million barrels in the week ended on Sept. 27, the Energy Information Administration said, compared with expectations in a Reuters poll for a 1.3 million-barrel draw.
"Swelling U.S. inventories added evidence that the market is well supplied and can withstand any disruptions," ANZ analysts said in a note.
Some investors remained unfazed as global crude supplies have yet to be disrupted by unrest in the key producing region, and spare OPEC capacity tempered worries.
"After Iran's attack, prices may stay elevated or remain more volatile for a little longer, but there's enough production, there's enough supply in the world," chief executive officer of East Daley Analytics, Jim Simpson, told Reuters.
OPEC has enough spare oil capacity to compensate for a full loss of Iranian supply if Israel knocks out that country's facilities.
However, traders worry the producer group would struggle if Iran retaliates by hitting installations of its Gulf neighbours.
"The effectively available spare capacity might be much lower if renewed attacks on energy infrastructure on countries in the region happen," said Giovanni Staunovo, a UBS analyst.
Reporting by Gabrielle Ng in Singapore and Georgina McCartney in Houston; Editing by Shri Navaratnam and Tom Hogue
Últimas notícias
Isenção de Responsabilidade: As entidades do XM Group proporcionam serviço de apenas-execução e acesso à nossa plataforma online de negociação, permitindo a visualização e/ou uso do conteúdo disponível no website ou através deste, o que não se destina a alterar ou a expandir o supracitado. Tal acesso e uso estão sempre sujeitos a: (i) Termos e Condições; (ii) Avisos de Risco; e (iii) Termos de Responsabilidade. Este, é desta forma, fornecido como informação generalizada. Particularmente, por favor esteja ciente que os conteúdos da nossa plataforma online de negociação não constituem solicitação ou oferta para iniciar qualquer transação nos mercados financeiros. Negociar em qualquer mercado financeiro envolve um nível de risco significativo de perda do capital.
Todo o material publicado na nossa plataforma de negociação online tem apenas objetivos educacionais/informativos e não contém — e não deve ser considerado conter — conselhos e recomendações financeiras, de negociação ou fiscalidade de investimentos, registo de preços de negociação, oferta e solicitação de transação em qualquer instrumento financeiro ou promoção financeira não solicitada direcionadas a si.
Qual conteúdo obtido por uma terceira parte, assim como o conteúdo preparado pela XM, tais como, opiniões, pesquisa, análises, preços, outra informação ou links para websites de terceiras partes contidos neste website são prestados "no estado em que se encontram", como um comentário de mercado generalizado e não constitui conselho de investimento. Na medida em que qualquer conteúdo é construído como pesquisa de investimento, deve considerar e aceitar que este não tem como objetivo e nem foi preparado de acordo com os requisitos legais concebidos para promover a independência da pesquisa de investimento, desta forma, deve ser considerado material de marketing sob as leis e regulações relevantes. Por favor, certifique-se que leu e compreendeu a nossa Notificação sobre Pesquisa de Investimento não-independente e o Aviso de Risco, relativos à informação supracitada, os quais podem ser acedidos aqui.
