Continental Resources Executive Chairman Harold Hamm talks about how the oil industry is preparing for the 2024 election results on “The Bottom Line.”
crude oil price It fell more than 6% on Monday after Israel decided not to attack Iran's oil and nuclear facilities in retaliatory strikes over the weekend.
Global benchmarks Brent crude oil and West Texas Intermediate (WTI) futures both fell more than 6% after the market opened on Monday, with Brent crude down 6.3% to $71.25 per barrel and WTI crude oil down 6.3% to $71.25 per barrel. Prices fell 6.7% to $67 per barrel, both October lows. .
These declines are down 4% on the oil benchmark seen last week as markets price in heightened uncertainty over the upcoming US presidential election and the extent of Israel's expected response to an October 1 Iranian ballistic missile attack. This will cancel out the increase in super.
Israeli military aircraft carried out three waves of attacks. attack iran In the early hours of Saturday, it targeted Iranian air defense systems, missile and drone bases, and weapons production facilities.
US oil industry trolls Kamala Harris' fracking flip-flop: “You got it?”
Oil prices have fallen following Israel's retaliatory attacks on Iran. (Getty Images/Getty Images)
The geopolitical risk premium that had built up in oil prices prior to the Israeli attack disappeared after the strike ended. energy supply Analysts say there will be no impact.
John Evans of oil broker PVM said there was no doubt that Israel's response ahead of the election was greatly influenced by the Biden administration.
Commonwealth Bank analyst Vivek Dhar said he did not expect the situation to ease quickly. middle east conflict.
“Despite Israel's choice of a less aggressive response toward Iran, Israel and Iranian proxies (Hamas and Hezbollah) remain on track for a durable ceasefire,” he said in the memo. I doubt whether there will be.”
Researchers say Arkansas could have 19 million tons of lithium, which is essential for battery power.
Several waves of Israeli aircraft attacked Iran. (Photo credit: JALAA MAREY/AFP via Getty Images/Getty Images)
Citi lowers Brent crude oil prices target price Analysts led by Max Layton said in a note that they are raising oil prices to $70 a barrel from $74 for the next three months to factor in lower near-term risk premiums.
Last month, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, kept their oil production policy unchanged, including plans to start increasing output in December. The group is scheduled to meet on December 1st ahead of the OPEC+ plenary meeting.
CLICK HERE TO GET FOX BUSINESS ON THE GO
“Comments from OPEC+ ministers on easing output quotas in the coming weeks will be a key driver for prices,” Panmure said. “The weak fundamental outlook means breakeven prices for most cartel countries will be “Because of the high prices, there is a high possibility that production increases will be postponed.” Liberum analyst Ashley Kelty said:
Reuters contributed to this report.
