October 11, 2024
New Delhi, India
Crude Oil Price
Crude Oil prices stabilized near $75 on Friday after a volatile week. The recovery from lower levels came as Israel signaled its readiness to retaliate against Iran, intensifying geopolitical tensions. This follows a phone call between US President Joe Biden and Israeli Prime Minister Benjamin Netanyahu on Wednesday, where Biden urged caution against attacking Iranian oil facilities.
Meanwhile, Florida is assessing the damage caused by Hurricane Milton, and US oil platforms in the Gulf of Mexico are preparing to reopen.
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Market Drivers:
- Israel-Iran Tensions: Israel’s potential military retaliation has supported oil prices.
- US Shale Production: With US shale oil priced around $66 per barrel, production is expected to scale up to keep global oil supply steady.
- Baker Hughes Oil Rig Count: The latest rig count data, due at 17:00 GMT, could provide further insights into US oil production activity.
US Dollar Impact:
The US Dollar Index (DXY), which tracks the dollar against six other currencies, saw a slight retracement on Friday after peaking at 103.18 following the US Consumer Price Index (CPI) release for September. The dollar’s pause has contributed to oil price stability.
At the time of writing, WTI Crude Oil is trading at $75.14, while Brent Crude is at $78.67.
Disclaimer:
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