CRUDE OIL FACES HEIGHTENED PRESSURES DESPITE FLARE-UP IN MIDDLE EAST TENSIONS
ISRAELI DECISION TO LEAVE OUT IRANIAN OIL INFRASTRUCTURE PLAYS A CRUCIAL ROLE
30-10-2024 12:11 GMT-0000
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With clear indications that Israel is sparing Iranian oil facilities from attack, the downward pressure on oil has further increased and there is renewed talk of oil settling down around the level of $50 to the barrel. Crude has already fallen to early 70s and the demand-supply equations have not been particularly favourable to oil producers. The US presidential elections have added another layer of uncertainty and if it turns out to be another Trump presidency, there would be more American intervention to boost supplies.