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Oil fluctuates amid a truce in the Middle East and a reduction in reserves in the United States

November, 27 2024
watermark Economic news

On Wednesday morning, oil prices showed slight fluctuations, reflecting the impact of both signals of a reduction in fuel reserves in the United States and news of a truce between Israel and Lebanon. 


Brent futures rose slightly, trading at $72.86 per barrel, slightly above the closing level of the previous session ($72.81). A similar trend is observed in the WTI oil market, which is trading at $68.79 per barrel.


The truce between Israel and Lebanon, announced by US President Joe Biden, has become a positive factor for the market, reducing geopolitical risks. At the same time, Israeli Prime Minister Benjamin Netanyahu stressed that the duration of the truce will depend on the situation in Lebanon.


Market expectations regarding oil reserves in the United States also have an impact on prices. Data from the American Petroleum Institute (API) showed an unexpected decrease in inventories by 5.94 million barrels, which supported oil prices. Official data from the U.S. Department of Energy will be released tonight.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.